NYSE: CCL - Carnival

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 = 1.37
CAGR EPS = 16.04%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 1.37 * (1 + 16.04%) / (0.0433 * 2) = 18.36

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) = 5.81
Ebitda Yield = 0.1641
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 = 1.76
Debt = 30.72
Market Cap = 20.36
Weight Debt = Market Cap / (Market Cap + Debt) = 20.36 / (20.36 + 30.72) = 0.3986
Weight Cost Debt = 100% - 0.3986 = 0.6014
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) = 2.75
β = 5.91
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.75 + 5.91 * 5.94 + 0 = 0.3785
WACC = (1.76 / 30.72) * (100% - 0.3986) * (1 - 0.21) + 0.3785 + 0.3986 = 4.65
Terminal Value = Discount (5.81 * (1 + 0.1641) / (4.65 - 0.1641)) = 45.84
Company Value = ∑ (5.81 / (1 + 4.65) ^ 5) = 18.93
Price = (Terminal Value + Company Value) / Count shares = (45.84 + 18.93) / 1262000000 = 51.32

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) = 13.34
FCF Yield = 0.6801
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 = 1.76
Debt = 30.72
Market Cap = 20.36
Weight Debt = Market Cap / (Market Cap + Debt) = 20.36 / (20.36 + 30.72) = 0.3986
Weight Cost Debt = 100% - 0.3986 = 0.6014
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) = 2.75
β = 5.91
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.75 + 5.91 * 5.94 + 0 = 0.3785
WACC = (1.76 / 30.72) * (100% - 0.3986) * (1 - 0.21) + 0.3785 + 0.3986 = 4.65
Terminal Value = Discount (13.34 * (1 + 0.6801) / (4.65 - 0.6801)) = 28.2
Company Value = ∑ (13.34 / (1 + 4.65) ^ 5) = 25.55
Price = (Terminal Value + Company Value) / Count shares = (28.2 + 25.55) / 1262000000 = 42.59