NYSE: AWK - American Water Works

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 = 4.89
CAGR EPS = 7.36%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 4.89 * (1 + 7.36%) / (0.0433 * 2) = 60.63

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 = 3.06
g = 0.069
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 = -0.1364
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + -0.1364 * 5.94 + 0 = 0.0201
Price = (3.06 * (1 + 0.069)) / (0.0201 - 0.069) = 66.87

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) = 2.91
Ebitda Yield = 0.0427
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 = 0.46
Debt = 12.37
Market Cap = 27.05
Weight Debt = Market Cap / (Market Cap + Debt) = 27.05 / (27.05 + 12.37) = 0.6862
Weight Cost Debt = 100% - 0.6862 = 0.3138
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 = -0.1364
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + -0.1364 * 5.94 + 0 = 0.0201
WACC = (0.46 / 12.37) * (100% - 0.6862) * (1 - 0.21) + 0.0201 + 0.6862 = 2.93
Terminal Value = Discount (2.91 * (1 + 0.0427) / (2.93 - 0.0427)) = 196.52
Company Value = ∑ (2.91 / (1 + 2.93) ^ 5) = 12.27
Price = (Terminal Value + Company Value) / Count shares = (196.52 + 12.27) / 193000000 = 1081.81

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) = -1.69
FCF Yield = 0.1445
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 = 0.46
Debt = 12.37
Market Cap = 27.05
Weight Debt = Market Cap / (Market Cap + Debt) = 27.05 / (27.05 + 12.37) = 0.6862
Weight Cost Debt = 100% - 0.6862 = 0.3138
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 = -0.1364
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + -0.1364 * 5.94 + 0 = 0.0201
WACC = (0.46 / 12.37) * (100% - 0.6862) * (1 - 0.21) + 0.0201 + 0.6862 = 2.93
Terminal Value = Discount (-1.69 * (1 + 0.1445) / (2.93 - 0.1445)) = -14.53
Company Value = ∑ (-1.69 / (1 + 2.93) ^ 5) = -5.98
Price = (Terminal Value + Company Value) / Count shares = (-14.53 + -5.98) / 193000000 = -106.23