NYSE: AIG - AIG

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 = 5.02
CAGR EPS = 4.22%
Key Rate = 0.0458
Excess Key Rate = 2
Price = 5.02 * (1 + 4.22%) / (0.0458 * 2) = 57.15

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 = 1.92
g = -3.11
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 = -0.1111
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.6 + -0.1111 * 5.94 + 0 = 0.0194
Price = (1.92 * (1 + -3.11)) / (0.0194 - -3.11) = -1.29

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) = 1.72
Ebitda Yield = -0.1499
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 = 1.14
Debt = 22.39
Market Cap = 41.25
Weight Debt = Market Cap / (Market Cap + Debt) = 41.25 / (41.25 + 22.39) = 0.6482
Weight Cost Debt = 100% - 0.6482 = 0.3518
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 = -0.1111
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.6 + -0.1111 * 5.94 + 0 = 0.0194
WACC = (1.14 / 22.39) * (100% - 0.6482) * (1 - 0.21) + 0.0194 + 0.6482 = 4
Terminal Value = Discount (1.72 * (1 + -0.1499) / (4 - -0.1499)) = 6.34
Company Value = ∑ (1.72 / (1 + 4) ^ 5) = 11.03
Price = (Terminal Value + Company Value) / Count shares = (6.34 + 11.03) / 725230000 = 23.95

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) = 15.13
FCF Yield = 0.3374
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 = 1.14
Debt = 22.39
Market Cap = 41.25
Weight Debt = Market Cap / (Market Cap + Debt) = 41.25 / (41.25 + 22.39) = 0.6482
Weight Cost Debt = 100% - 0.6482 = 0.3518
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 = -0.1111
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.6 + -0.1111 * 5.94 + 0 = 0.0194
WACC = (1.14 / 22.39) * (100% - 0.6482) * (1 - 0.21) + 0.0194 + 0.6482 = 4
Terminal Value = Discount (15.13 * (1 + 0.3374) / (4 - 0.3374)) = 55.91
Company Value = ∑ (15.13 / (1 + 4) ^ 5) = 40.01
Price = (Terminal Value + Company Value) / Count shares = (55.91 + 40.01) / 725230000 = 132.27