NASDAQ: UAL - United Continental Holdings

Price = Avg Price + (Avg Price * CAGR EPS% / 100)
EPS = Earning Per Share
CAGR EPS = CAGR 5 EPS
Key Rate — 关键利率
Excess Key Rate — 期望超出关键利率
EPS = 7.89
CAGR EPS = 8.66%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 64.56 + (64.56 * 8.66% / 100) = 70.15

Price = (Terminal Value + Company Value) / Count shares
Price - 价格公道
Terminal Value — 预测后期间的成本
Company Value — 预测期内的成本
Count shares - 股份数量
Terminal Value = Discount Ebitda(5) * (1 + Ebitda Yield) / (WACC - Ebitda Yield)
Company Value = ∑ (Discount Ebitda / (1 + WACC) ^ 5)
Discount Ebitda(5) = 11.94
Ebitda Yield = 0.0879
WACC = (Interest Expense / Debt) * (Weight Cost Debt) * (1 - Tax) + Cost Of Equity * Weight Debt
Interest Expense - 偿债成本
Debt - 责任
Weight Debt - 相对于债务的资本权重
Weight Cost Debt - 债务权重相对于资本总额
Tax - 税
Interest Expense = 1.96
Debt = 29.88
Market Cap = 16.1
Weight Debt = Market Cap / (Market Cap + Debt) = 16.1 / (16.1 + 29.88) = 0.3502
Weight Cost Debt = 100% - 0.3502 = 0.6498
Tax = 0.21
Cost Of Equity — 贴现率
Cost Of Equity = k(f) + β * Risk Premium + Country Premium (Damodaran table)
k(f) — 无风险回报率
β (beta) — 确定股票（资产）相对于市场的风险度量，并显示股票盈利能力变化相对于市场盈利能力变化的敏感性。
Risk Premium — 风险溢价——投资股票的风险溢价
Country Premium - 国家风险
k(f) = 2.82
β = 2.92
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + 2.92 * 5.94 + 0 = 0.2014
WACC = (1.96 / 29.88) * (100% - 0.3502) * (1 - 0.21) + 0.2014 + 0.3502 = 5.22
Terminal Value = Discount (11.94 * (1 + 0.0879) / (5.22 - 0.0879)) = 282.13
Company Value = ∑ (11.94 / (1 + 5.22) ^ 5) = 43.33
Price = (Terminal Value + Company Value) / Count shares = (282.13 + 43.33) / 331900000 = 980.58

Price = (Terminal Value + Company Value) / Count shares
Price - 价格公道
Terminal Value — 预测后期间的成本
Company Value — 预测期内的成本
Count shares - 股份数量
Terminal Value = Discount FCF(5) * (1 + FCF Yield) / (WACC - FCF Yield)
Company Value = ∑ (Discount FCF / (1 + WACC) ^ 5)
Discount FCF(5) = 0.000791
FCF Yield = -1.31
WACC = (Interest Expense / Debt) * (Weight Cost Debt) * (1 - Tax) + Cost Of Equity * Weight Debt
Interest Expense - 偿债成本
Debt - 责任
Weight Debt - 相对于债务的资本权重
Weight Cost Debt - 债务权重相对于资本总额
Tax - 税
Interest Expense = 1.96
Debt = 29.88
Market Cap = 16.1
Weight Debt = Market Cap / (Market Cap + Debt) = 16.1 / (16.1 + 29.88) = 0.3502
Weight Cost Debt = 100% - 0.3502 = 0.6498
Tax = 0.21
Cost Of Equity — 贴现率
Cost Of Equity = k(f) + β * Risk Premium + Country Premium (Damodaran table)
k(f) — 无风险回报率
β (beta) — 确定股票（资产）相对于市场的风险度量，并显示股票盈利能力变化相对于市场盈利能力变化的敏感性。
Risk Premium — 风险溢价——投资股票的风险溢价
Country Premium - 国家风险
k(f) = 2.82
β = 2.92
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + 2.92 * 5.94 + 0 = 0.2014
WACC = (1.96 / 29.88) * (100% - 0.3502) * (1 - 0.21) + 0.2014 + 0.3502 = 5.22
Terminal Value = Discount (0.000791 * (1 + -1.31) / (5.22 - -1.31)) = -0.000141
Company Value = ∑ (0.000791 / (1 + 5.22) ^ 5) = 0.0599
Price = (Terminal Value + Company Value) / Count shares = (-0.000141 + 0.0599) / 331900000 = 0.1799