NYSE: AEP - American Electric Power

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 = 4.24
CAGR EPS = 1.81%
Key Rate = 0.0458
Excess Key Rate = 2
Price = 4.24 * (1 + 1.81%) / (0.0458 * 2) = 47.18

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 = 4.45
g = -0.0638
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 = 0.3422
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.6 + 0.3422 * 5.94 + 0 = 0.0463
Price = (4.45 * (1 + -0.0638)) / (0.0463 - -0.0638) = 37.84

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) = 2.39
Ebitda Yield = -0.0731
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 = 1.81
Debt = 43.09
Market Cap = 40.71
Weight Debt = Market Cap / (Market Cap + Debt) = 40.71 / (40.71 + 43.09) = 0.4858
Weight Cost Debt = 100% - 0.4858 = 0.5142
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 = 0.3422
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.6 + 0.3422 * 5.94 + 0 = 0.0463
WACC = (1.81 / 43.09) * (100% - 0.4858) * (1 - 0.21) + 0.0463 + 0.4858 = 3.32
Terminal Value = Discount (2.39 * (1 + -0.0731) / (3.32 - -0.0731)) = 17.69
Company Value = ∑ (2.39 / (1 + 3.32) ^ 5) = 12.76
Price = (Terminal Value + Company Value) / Count shares = (17.69 + 12.76) / 520209999 = 58.52

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) = -3.14
FCF Yield = 0.0474
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 = 1.81
Debt = 43.09
Market Cap = 40.71
Weight Debt = Market Cap / (Market Cap + Debt) = 40.71 / (40.71 + 43.09) = 0.4858
Weight Cost Debt = 100% - 0.4858 = 0.5142
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 = 0.3422
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.6 + 0.3422 * 5.94 + 0 = 0.0463
WACC = (1.81 / 43.09) * (100% - 0.4858) * (1 - 0.21) + 0.0463 + 0.4858 = 3.32
Terminal Value = Discount (-3.14 * (1 + 0.0474) / (3.32 - 0.0474)) = -196.3
Company Value = ∑ (-3.14 / (1 + 3.32) ^ 5) = -13
Price = (Terminal Value + Company Value) / Count shares = (-196.3 + -13) / 520209999 = -402.34