NYSE: BUD - Anheuser-Busch InBev

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 = 2.6
CAGR EPS = -10.51%
Key Rate = 0.0458
Excess Key Rate = 2
Price = 2.6 * (1 + -10.51%) / (0.0458 * 2) = 25.4

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 = 0.8802
g = 0.0239
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) = 2.6
β = -0.7752
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.6 + -0.7752 * 5.94 + 0 = -0.02
Price = (0.8802 * (1 + 0.0239)) / (-0.02 - 0.0239) = 20.49

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) = 17.2
Ebitda Yield = -0.0222
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 = 4.75
Debt = 78.17
Market Cap = 110.25
Weight Debt = Market Cap / (Market Cap + Debt) = 110.25 / (110.25 + 78.17) = 0.5851
Weight Cost Debt = 100% - 0.5851 = 0.4149
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) = 2.6
β = -0.7752
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.6 + -0.7752 * 5.94 + 0 = -0.02
WACC = (4.75 / 78.17) * (100% - 0.5851) * (1 - 0.21) + -0.02 + 0.5851 = 4.76
Terminal Value = Discount (17.2 * (1 + -0.0222) / (4.76 - -0.0222)) = 190.75
Company Value = ∑ (17.2 / (1 + 4.76) ^ 5) = 78.59
Price = (Terminal Value + Company Value) / Count shares = (190.75 + 78.59) / 2053999999 = 131.12

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) = 8.97
FCF Yield = 0.0078
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 = 4.75
Debt = 78.17
Market Cap = 110.25
Weight Debt = Market Cap / (Market Cap + Debt) = 110.25 / (110.25 + 78.17) = 0.5851
Weight Cost Debt = 100% - 0.5851 = 0.4149
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) = 2.6
β = -0.7752
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.6 + -0.7752 * 5.94 + 0 = -0.02
WACC = (4.75 / 78.17) * (100% - 0.5851) * (1 - 0.21) + -0.02 + 0.5851 = 4.76
Terminal Value = Discount (8.97 * (1 + 0.0078) / (4.76 - 0.0078)) = 179.67
Company Value = ∑ (8.97 / (1 + 4.76) ^ 5) = 38.45
Price = (Terminal Value + Company Value) / Count shares = (179.67 + 38.45) / 2053999999 = 106.19