NYSE: AVY - Avery Dennison

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 = 6.2
CAGR EPS = 11.68%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 6.2 * (1 + 11.68%) / (0.0433 * 2) = 79.98

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 = 4.33
g = 0.2489
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) = 3
β = 1.22
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 3 + 1.22 * 5.94 + 0 = 0.1025
Price = (4.33 * (1 + 0.2489)) / (0.1025 - 0.2489) = 36.96

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) = 1.95
Ebitda Yield = 0.1185
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 = 0.119
Debt = 3.24
Market Cap = 14.28
Weight Debt = Market Cap / (Market Cap + Debt) = 14.28 / (14.28 + 3.24) = 0.8149
Weight Cost Debt = 100% - 0.8149 = 0.1851
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) = 3
β = 1.22
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 3 + 1.22 * 5.94 + 0 = 0.1025
WACC = (0.119 / 3.24) * (100% - 0.8149) * (1 - 0.21) + 0.1025 + 0.8149 = 2.96
Terminal Value = Discount (1.95 * (1 + 0.1185) / (2.96 - 0.1185)) = 21.17
Company Value = ∑ (1.95 / (1 + 2.96) ^ 5) = 7.18
Price = (Terminal Value + Company Value) / Count shares = (21.17 + 7.18) / 81100000 = 349.53

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) = 0.5862
FCF Yield = 0.0162
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 = 0.119
Debt = 3.24
Market Cap = 14.28
Weight Debt = Market Cap / (Market Cap + Debt) = 14.28 / (14.28 + 3.24) = 0.8149
Weight Cost Debt = 100% - 0.8149 = 0.1851
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) = 3
β = 1.22
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 3 + 1.22 * 5.94 + 0 = 0.1025
WACC = (0.119 / 3.24) * (100% - 0.8149) * (1 - 0.21) + 0.1025 + 0.8149 = 2.96
Terminal Value = Discount (0.5862 * (1 + 0.0162) / (2.96 - 0.0162)) = 38.5
Company Value = ∑ (0.5862 / (1 + 2.96) ^ 5) = 2.6
Price = (Terminal Value + Company Value) / Count shares = (38.5 + 2.6) / 81100000 = 506.81