NYSE: ASH - Ashland Global Holdings Inc.

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 = 3.38
CAGR EPS = 19.33%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 3.38 * (1 + 19.33%) / (0.0433 * 2) = 46.58

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 = 1.6
g = -0.1337
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 = -1.94
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.89 + -1.94 * 5.94 + 0 = -0.0861
Price = (1.6 * (1 + -0.1337)) / (-0.0861 - -0.1337) = 29.14

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) = 0.1741
Ebitda Yield = -0.1353
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 = 0.043
Debt = 1.47
Market Cap = 4.41
Weight Debt = Market Cap / (Market Cap + Debt) = 4.41 / (4.41 + 1.47) = 0.7503
Weight Cost Debt = 100% - 0.7503 = 0.2497
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 = -1.94
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.89 + -1.94 * 5.94 + 0 = -0.0861
WACC = (0.043 / 1.47) * (100% - 0.7503) * (1 - 0.21) + -0.0861 + 0.7503 = 2.23
Terminal Value = Discount (0.1741 * (1 + -0.1353) / (2.23 - -0.1353)) = 0.8552
Company Value = ∑ (0.1741 / (1 + 2.23) ^ 5) = 1.12
Price = (Terminal Value + Company Value) / Count shares = (0.8552 + 1.12) / 50000000 = 39.5

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) = 1.22
FCF Yield = 0.3038
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 = 0.043
Debt = 1.47
Market Cap = 4.41
Weight Debt = Market Cap / (Market Cap + Debt) = 4.41 / (4.41 + 1.47) = 0.7503
Weight Cost Debt = 100% - 0.7503 = 0.2497
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 = -1.94
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.89 + -1.94 * 5.94 + 0 = -0.0861
WACC = (0.043 / 1.47) * (100% - 0.7503) * (1 - 0.21) + -0.0861 + 0.7503 = 2.23
Terminal Value = Discount (1.22 * (1 + 0.3038) / (2.23 - 0.3038)) = 5.08
Company Value = ∑ (1.22 / (1 + 2.23) ^ 5) = 3.57
Price = (Terminal Value + Company Value) / Count shares = (5.08 + 3.57) / 50000000 = 173.04