NYSE: C - Citigroup

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 = 4.72
CAGR EPS = -11.23%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 4.72 * (1 + -11.23%) / (0.0433 * 2) = 48.36

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 = 2.21
g = -0.111
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 = 1.52
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + 1.52 * 5.94 + 0 = 0.1186
Price = (2.21 * (1 + -0.111)) / (0.1186 - -0.111) = 8.56

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) = 15.38
Ebitda Yield = -0.1089
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 = 78.36
Debt = 602.18
Market Cap = 81.36
Weight Debt = Market Cap / (Market Cap + Debt) = 81.36 / (81.36 + 602.18) = 0.119
Weight Cost Debt = 100% - 0.119 = 0.881
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 = 1.52
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + 1.52 * 5.94 + 0 = 0.1186
WACC = (78.36 / 602.18) * (100% - 0.119) * (1 - 0.21) + 0.1186 + 0.119 = 10.28
Terminal Value = Discount (15.38 * (1 + -0.1089) / (10.28 - -0.1089)) = 39.68
Company Value = ∑ (15.38 / (1 + 10.28) ^ 5) = 75.53
Price = (Terminal Value + Company Value) / Count shares = (39.68 + 75.53) / 1955800000 = 58.91

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) = -270.67
FCF Yield = 0.2761
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 = 78.36
Debt = 602.18
Market Cap = 81.36
Weight Debt = Market Cap / (Market Cap + Debt) = 81.36 / (81.36 + 602.18) = 0.119
Weight Cost Debt = 100% - 0.119 = 0.881
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 = 1.52
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + 1.52 * 5.94 + 0 = 0.1186
WACC = (78.36 / 602.18) * (100% - 0.119) * (1 - 0.21) + 0.1186 + 0.119 = 10.28
Terminal Value = Discount (-270.67 * (1 + 0.2761) / (10.28 - 0.2761)) = -1222.19
Company Value = ∑ (-270.67 / (1 + 10.28) ^ 5) = -632.94
Price = (Terminal Value + Company Value) / Count shares = (-1222.19 + -632.94) / 1955800000 = -948.53