NYSE: AMG - Affiliated Managers

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 = 15.95
CAGR EPS = 21.47%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 167.08 + (167.08 * 21.47% / 100) = 202.95

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 = 0.05
g = 0.3131
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) = 2.82
β = 1.39
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + 1.39 * 5.94 + 0 = 0.1108
Price = (0.05 * (1 + 0.3131)) / (0.1108 - 0.3131) = 0.3245

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) = 2.63
Ebitda Yield = 0.1556
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 = 0.1238
Debt = 2.58
Market Cap = 4.62
Weight Debt = Market Cap / (Market Cap + Debt) = 4.62 / (4.62 + 2.58) = 0.642
Weight Cost Debt = 100% - 0.642 = 0.358
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) = 2.82
β = 1.39
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + 1.39 * 5.94 + 0 = 0.1108
WACC = (0.1238 / 2.58) * (100% - 0.642) * (1 - 0.21) + 0.1108 + 0.642 = 3.84
Terminal Value = Discount (2.63 * (1 + 0.1556) / (3.84 - 0.1556)) = 21.48
Company Value = ∑ (2.63 / (1 + 3.84) ^ 5) = 8.9
Price = (Terminal Value + Company Value) / Count shares = (21.48 + 8.9) / 42200000 = 719.93

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) = 0.8185
FCF Yield = -0.0103
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 = 0.1238
Debt = 2.58
Market Cap = 4.62
Weight Debt = Market Cap / (Market Cap + Debt) = 4.62 / (4.62 + 2.58) = 0.642
Weight Cost Debt = 100% - 0.642 = 0.358
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) = 2.82
β = 1.39
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + 1.39 * 5.94 + 0 = 0.1108
WACC = (0.1238 / 2.58) * (100% - 0.642) * (1 - 0.21) + 0.1108 + 0.642 = 3.84
Terminal Value = Discount (0.8185 * (1 + -0.0103) / (3.84 - -0.0103)) = 13.77
Company Value = ∑ (0.8185 / (1 + 3.84) ^ 5) = 3.74
Price = (Terminal Value + Company Value) / Count shares = (13.77 + 3.74) / 42200000 = 415