NYSE: BBVA - Banco Bilbao Vizcaya Argentaria, S.A.

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 = 1.35
CAGR EPS = 12.48%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 10.87 + (10.87 * 12.48% / 100) = 12.22

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 = 0.7187
g = 0.2809
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 = 3.26
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 3 + 3.26 * 5.94 + 0 = 0.2239
Price = (0.7187 * (1 + 0.2809)) / (0.2239 - 0.2809) = 16.16

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) = 23.45
Ebitda Yield = 0.112
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 = 24.76
Debt = 165.82
Market Cap = 45.8
Weight Debt = Market Cap / (Market Cap + Debt) = 45.8 / (45.8 + 165.82) = 0.2164
Weight Cost Debt = 100% - 0.2164 = 0.7836
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 = 3.26
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 3 + 3.26 * 5.94 + 0 = 0.2239
WACC = (24.76 / 165.82) * (100% - 0.2164) * (1 - 0.21) + 0.2239 + 0.2164 = 11.82
Terminal Value = Discount (23.45 * (1 + 0.112) / (11.82 - 0.112)) = 2404.92
Company Value = ∑ (23.45 / (1 + 11.82) ^ 5) = 67.83
Price = (Terminal Value + Company Value) / Count shares = (2404.92 + 67.83) / 5954000000 = 415.31

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) = -0.9037
FCF Yield = -0.1867
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 = 24.76
Debt = 165.82
Market Cap = 45.8
Weight Debt = Market Cap / (Market Cap + Debt) = 45.8 / (45.8 + 165.82) = 0.2164
Weight Cost Debt = 100% - 0.2164 = 0.7836
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 = 3.26
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 3 + 3.26 * 5.94 + 0 = 0.2239
WACC = (24.76 / 165.82) * (100% - 0.2164) * (1 - 0.21) + 0.2239 + 0.2164 = 11.82
Terminal Value = Discount (-0.9037 * (1 + -0.1867) / (11.82 - -0.1867)) = -1.38
Company Value = ∑ (-0.9037 / (1 + 11.82) ^ 5) = -5.4
Price = (Terminal Value + Company Value) / Count shares = (-1.38 + -5.4) / 5954000000 = -1.14