NYSE: BSX - Boston Scientific

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 = 1.09
CAGR EPS = -20.04%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 1.09 * (1 + -20.04%) / (0.0433 * 2) = 10.05

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) = 5.2
Ebitda Yield = 0.0854
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 = 0.265
Debt = 9.1
Market Cap = 73.49
Weight Debt = Market Cap / (Market Cap + Debt) = 73.49 / (73.49 + 9.1) = 0.8898
Weight Cost Debt = 100% - 0.8898 = 0.1102
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 = -1.04
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + -1.04 * 5.94 + 0 = -0.0337
WACC = (0.265 / 9.1) * (100% - 0.8898) * (1 - 0.21) + -0.0337 + 0.8898 = 2.25
Terminal Value = Discount (5.2 * (1 + 0.0854) / (2.25 - 0.0854)) = 80.36
Company Value = ∑ (5.2 / (1 + 2.25) ^ 5) = 20.72
Price = (Terminal Value + Company Value) / Count shares = (80.36 + 20.72) / 1463500000 = 69.07

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) = 2.02
FCF Yield = 0.0344
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 = 0.265
Debt = 9.1
Market Cap = 73.49
Weight Debt = Market Cap / (Market Cap + Debt) = 73.49 / (73.49 + 9.1) = 0.8898
Weight Cost Debt = 100% - 0.8898 = 0.1102
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 = -1.04
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + -1.04 * 5.94 + 0 = -0.0337
WACC = (0.265 / 9.1) * (100% - 0.8898) * (1 - 0.21) + -0.0337 + 0.8898 = 2.25
Terminal Value = Discount (2.02 * (1 + 0.0344) / (2.25 - 0.0344)) = 157.36
Company Value = ∑ (2.02 / (1 + 2.25) ^ 5) = 8.82
Price = (Terminal Value + Company Value) / Count shares = (157.36 + 8.82) / 1463500000 = 113.55