NASDAQ: WYNN - Wynn Resorts

Price = EPS * (1 + CAGR EPS) / (Key Rate * Excess Key Rate)
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 = 6.47
CAGR EPS = 17.32%
Key Rate = 0.0458
Excess Key Rate = 2
Price = 6.47 * (1 + 17.32%) / (0.0458 * 2) = 82.85

Price = (DPS * (1 + g)) / (Cost Of Equity - g)
Price - 价格公道
DPS — 当期股息
g — 预期增长率
DPS = 1.25
g = 0.0496
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) = 2.6
β = 1.62
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.6 + 1.62 * 5.94 + 0 = 0.1223
Price = (1.25 * (1 + 0.0496)) / (0.1223 - 0.0496) = 18.04

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) = 1.69
Ebitda Yield = 0.0072
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 = 0.7515
Debt = 11.76
Market Cap = 10.7
Weight Debt = Market Cap / (Market Cap + Debt) = 10.7 / (10.7 + 11.76) = 0.4764
Weight Cost Debt = 100% - 0.4764 = 0.5236
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) = 2.6
β = 1.62
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.6 + 1.62 * 5.94 + 0 = 0.1223
WACC = (0.7515 / 11.76) * (100% - 0.4764) * (1 - 0.21) + 0.1223 + 0.4764 = 5.08
Terminal Value = Discount (1.69 * (1 + 0.0072) / (5.08 - 0.0072)) = 30.47
Company Value = ∑ (1.69 / (1 + 5.08) ^ 5) = 7.2
Price = (Terminal Value + Company Value) / Count shares = (30.47 + 7.2) / 112860000 = 333.7

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) = 3.15
FCF Yield = 0.3508
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 = 0.7515
Debt = 11.76
Market Cap = 10.7
Weight Debt = Market Cap / (Market Cap + Debt) = 10.7 / (10.7 + 11.76) = 0.4764
Weight Cost Debt = 100% - 0.4764 = 0.5236
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) = 2.6
β = 1.62
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.6 + 1.62 * 5.94 + 0 = 0.1223
WACC = (0.7515 / 11.76) * (100% - 0.4764) * (1 - 0.21) + 0.1223 + 0.4764 = 5.08
Terminal Value = Discount (3.15 * (1 + 0.3508) / (5.08 - 0.3508)) = 11.05
Company Value = ∑ (3.15 / (1 + 5.08) ^ 5) = 7.9
Price = (Terminal Value + Company Value) / Count shares = (11.05 + 7.9) / 112860000 = 168