NYSE: ALL - The Allstate Corporation

Price = Avg Price + (Avg Price * CAGR EPS% / 100)
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 = -0.7162
CAGR EPS = -154.77%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 0 + (0 * -154.77% / 100) = 4.53

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 = 3.68
g = -0.8174
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 = -0.2308
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.89 + -0.2308 * 5.94 + 0 = 0.0152
Price = (3.68 * (1 + -0.8174)) / (0.0152 - -0.8174) = 0.807

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) = 0.1287
Ebitda Yield = -0.2879
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 = 0.379
Debt = 8.29
Market Cap = 27.78
Weight Debt = Market Cap / (Market Cap + Debt) = 27.78 / (27.78 + 8.29) = 0.7701
Weight Cost Debt = 100% - 0.7701 = 0.2299
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 = -0.2308
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.89 + -0.2308 * 5.94 + 0 = 0.0152
WACC = (0.379 / 8.29) * (100% - 0.7701) * (1 - 0.21) + 0.0152 + 0.7701 = 3.59
Terminal Value = Discount (0.1287 * (1 + -0.2879) / (3.59 - -0.2879)) = 0.2373
Company Value = ∑ (0.1287 / (1 + 3.59) ^ 5) = 1.31
Price = (Terminal Value + Company Value) / Count shares = (0.2373 + 1.31) / 262500000 = 5.89

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) = 3.46
FCF Yield = -0.0269
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 = 0.379
Debt = 8.29
Market Cap = 27.78
Weight Debt = Market Cap / (Market Cap + Debt) = 27.78 / (27.78 + 8.29) = 0.7701
Weight Cost Debt = 100% - 0.7701 = 0.2299
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 = -0.2308
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.89 + -0.2308 * 5.94 + 0 = 0.0152
WACC = (0.379 / 8.29) * (100% - 0.7701) * (1 - 0.21) + 0.0152 + 0.7701 = 3.59
Terminal Value = Discount (3.46 * (1 + -0.0269) / (3.59 - -0.0269)) = 44.84
Company Value = ∑ (3.46 / (1 + 3.59) ^ 5) = 16.48
Price = (Terminal Value + Company Value) / Count shares = (44.84 + 16.48) / 262500000 = 233.61