NYSE: ACN - Accenture plc

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 = 11.42
CAGR EPS = 7.71%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 11.42 * (1 + 7.71%) / (0.0433 * 2) = 142.08

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 = 6.83
g = 0.0696
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) = 2.89
β = 1.4
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.89 + 1.4 * 5.94 + 0 = 0.1122
Price = (6.83 * (1 + 0.0696)) / (0.1122 - 0.0696) = 171.77

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) = 13.85
Ebitda Yield = 0.0436
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 = 0.059
Debt = 4.12
Market Cap = 191.09
Weight Debt = Market Cap / (Market Cap + Debt) = 191.09 / (191.09 + 4.12) = 0.9789
Weight Cost Debt = 100% - 0.9789 = 0.0211
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) = 2.89
β = 1.4
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.89 + 1.4 * 5.94 + 0 = 0.1122
WACC = (0.059 / 4.12) * (100% - 0.9789) * (1 - 0.21) + 0.1122 + 0.9789 = 1.23
Terminal Value = Discount (13.85 * (1 + 0.0436) / (1.23 - 0.0436)) = 434.11
Company Value = ∑ (13.85 / (1 + 1.23) ^ 5) = 61.35
Price = (Terminal Value + Company Value) / Count shares = (434.11 + 61.35) / 635940000 = 779.1

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) = 9.51
FCF Yield = 0.0199
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 = 0.059
Debt = 4.12
Market Cap = 191.09
Weight Debt = Market Cap / (Market Cap + Debt) = 191.09 / (191.09 + 4.12) = 0.9789
Weight Cost Debt = 100% - 0.9789 = 0.0211
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) = 2.89
β = 1.4
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.89 + 1.4 * 5.94 + 0 = 0.1122
WACC = (0.059 / 4.12) * (100% - 0.9789) * (1 - 0.21) + 0.1122 + 0.9789 = 1.23
Terminal Value = Discount (9.51 * (1 + 0.0199) / (1.23 - 0.0199)) = 1203.51
Company Value = ∑ (9.51 / (1 + 1.23) ^ 5) = 44.05
Price = (Terminal Value + Company Value) / Count shares = (1203.51 + 44.05) / 635940000 = 1961.76