NYSE: CAT - Caterpillar

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 = 20.12
CAGR EPS = 13.38%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 20.12 * (1 + 13.38%) / (0.0433 * 2) = 263.45

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 = 5.53
g = 0.1572
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 = 2.26
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + 2.26 * 5.94 + 0 = 0.1623
Price = (5.53 * (1 + 0.1572)) / (0.1623 - 0.1572) = 1269.47

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) = 21.22
Ebitda Yield = 0.062
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 = 0.511
Debt = 38.09
Market Cap = 139.68
Weight Debt = Market Cap / (Market Cap + Debt) = 139.68 / (139.68 + 38.09) = 0.7858
Weight Cost Debt = 100% - 0.7858 = 0.2142
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 = 2.26
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + 2.26 * 5.94 + 0 = 0.1623
WACC = (0.511 / 38.09) * (100% - 0.7858) * (1 - 0.21) + 0.1623 + 0.7858 = 1.18
Terminal Value = Discount (21.22 * (1 + 0.062) / (1.18 - 0.062)) = 422.9
Company Value = ∑ (21.22 / (1 + 1.18) ^ 5) = 91.03
Price = (Terminal Value + Company Value) / Count shares = (422.9 + 91.03) / 513599999 = 1000.65

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) = 19.34
FCF Yield = 0.1458
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 = 0.511
Debt = 38.09
Market Cap = 139.68
Weight Debt = Market Cap / (Market Cap + Debt) = 139.68 / (139.68 + 38.09) = 0.7858
Weight Cost Debt = 100% - 0.7858 = 0.2142
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 = 2.26
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + 2.26 * 5.94 + 0 = 0.1623
WACC = (0.511 / 38.09) * (100% - 0.7858) * (1 - 0.21) + 0.1623 + 0.7858 = 1.18
Terminal Value = Discount (19.34 * (1 + 0.1458) / (1.18 - 0.1458)) = 155.95
Company Value = ∑ (19.34 / (1 + 1.18) ^ 5) = 72.22
Price = (Terminal Value + Company Value) / Count shares = (155.95 + 72.22) / 513599999 = 444.25