NYSE: ATO - Atmos Energy

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 = 6.83
CAGR EPS = 6.91%
Key Rate = 0.0458
Excess Key Rate = 2
Price = 6.83 * (1 + 6.91%) / (0.0458 * 2) = 79.73

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 = 3.29
g = 0.1369
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 = -0.7845
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.75 + -0.7845 * 5.94 + 0 = -0.0191
Price = (3.29 * (1 + 0.1369)) / (-0.0191 - 0.1369) = 23.95

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) = 3.16
Ebitda Yield = 0.0857
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 = 0.1906
Debt = 7.79
Market Cap = 17.36
Weight Debt = Market Cap / (Market Cap + Debt) = 17.36 / (17.36 + 7.79) = 0.6904
Weight Cost Debt = 100% - 0.6904 = 0.3096
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 = -0.7845
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.75 + -0.7845 * 5.94 + 0 = -0.0191
WACC = (0.1906 / 7.79) * (100% - 0.6904) * (1 - 0.21) + -0.0191 + 0.6904 = 1.91
Terminal Value = Discount (3.16 * (1 + 0.0857) / (1.91 - 0.0857)) = 46.87
Company Value = ∑ (3.16 / (1 + 1.91) ^ 5) = 12.73
Price = (Terminal Value + Company Value) / Count shares = (46.87 + 12.73) / 145170000 = 410.53

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) = -1.52
FCF Yield = 0.0483
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 = 0.1906
Debt = 7.79
Market Cap = 17.36
Weight Debt = Market Cap / (Market Cap + Debt) = 17.36 / (17.36 + 7.79) = 0.6904
Weight Cost Debt = 100% - 0.6904 = 0.3096
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 = -0.7845
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.75 + -0.7845 * 5.94 + 0 = -0.0191
WACC = (0.1906 / 7.79) * (100% - 0.6904) * (1 - 0.21) + -0.0191 + 0.6904 = 1.91
Terminal Value = Discount (-1.52 * (1 + 0.0483) / (1.91 - 0.0483)) = -49.74
Company Value = ∑ (-1.52 / (1 + 1.91) ^ 5) = -6.55
Price = (Terminal Value + Company Value) / Count shares = (-49.74 + -6.55) / 145170000 = -387.78