NYSE: ATH - Athene Holding Ltd.

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 = 20.13
CAGR EPS = 30.49%
Key Rate = 0.0458
Excess Key Rate = 2
Price = 83.33 + (83.33 * 30.49% / 100) = 108.74

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) = 12.16
Ebitda Yield = 0.2343
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
Debt = 2.96
Market Cap = 15.37
Weight Debt = Market Cap / (Market Cap + Debt) = 15.37 / (15.37 + 2.96) = 0.8385
Weight Cost Debt = 100% - 0.8385 = 0.1615
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) = 2.75
β = 0
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.75 + 0 * 5.94 + 0 = 0.0275
WACC = (0 / 2.96) * (100% - 0.8385) * (1 - 0.21) + 0.0275 + 0.8385 = 0.0231
Terminal Value = Discount (12.16 * (1 + 0.2343) / (0.0231 - 0.2343)) = 64.06
Company Value = ∑ (12.16 / (1 + 0.0231) ^ 5) = 41.67
Price = (Terminal Value + Company Value) / Count shares = (64.06 + 41.67) / 191700000 = 551.54

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) = 26.97
FCF Yield = 0.2125
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
Debt = 2.96
Market Cap = 15.37
Weight Debt = Market Cap / (Market Cap + Debt) = 15.37 / (15.37 + 2.96) = 0.8385
Weight Cost Debt = 100% - 0.8385 = 0.1615
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) = 2.75
β = 0
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.75 + 0 * 5.94 + 0 = 0.0275
WACC = (0 / 2.96) * (100% - 0.8385) * (1 - 0.21) + 0.0275 + 0.8385 = 0.0231
Terminal Value = Discount (26.97 * (1 + 0.2125) / (0.0231 - 0.2125)) = 153.89
Company Value = ∑ (26.97 / (1 + 0.0231) ^ 5) = 95.09
Price = (Terminal Value + Company Value) / Count shares = (153.89 + 95.09) / 191700000 = 1298.77