NYSE: AIR - Airbus SE

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 = 1.31
CAGR EPS = 13.04%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 1.31 * (1 + 13.04%) / (0.0433 * 2) = 17.07

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) = 0.213
Ebitda Yield = 0.0834
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 = 0.0432
Debt = 1.08
Market Cap = 2.09
Weight Debt = Market Cap / (Market Cap + Debt) = 2.09 / (2.09 + 1.08) = 0.6595
Weight Cost Debt = 100% - 0.6595 = 0.3405
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) = 3
β = 3.06
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 3 + 3.06 * 5.94 + 0 = 0.2118
WACC = (0.0432 / 1.08) * (100% - 0.6595) * (1 - 0.21) + 0.2118 + 0.6595 = 3.28
Terminal Value = Discount (0.213 * (1 + 0.0834) / (3.28 - 0.0834)) = 3.88
Company Value = ∑ (0.213 / (1 + 3.28) ^ 5) = 0.8255
Price = (Terminal Value + Company Value) / Count shares = (3.88 + 0.8255) / 35400000 = 132.94

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) = 0.0267
FCF Yield = 0.1394
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 = 0.0432
Debt = 1.08
Market Cap = 2.09
Weight Debt = Market Cap / (Market Cap + Debt) = 2.09 / (2.09 + 1.08) = 0.6595
Weight Cost Debt = 100% - 0.6595 = 0.3405
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) = 3
β = 3.06
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 3 + 3.06 * 5.94 + 0 = 0.2118
WACC = (0.0432 / 1.08) * (100% - 0.6595) * (1 - 0.21) + 0.2118 + 0.6595 = 3.28
Terminal Value = Discount (0.0267 * (1 + 0.1394) / (3.28 - 0.1394)) = 0.2428
Company Value = ∑ (0.0267 / (1 + 3.28) ^ 5) = 0.0942
Price = (Terminal Value + Company Value) / Count shares = (0.2428 + 0.0942) / 35400000 = 9.52