NYSE: CDP - COPT Defense Properties

Price = Avg Price + (Avg Price * CAGR EPS% / 100)
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 = -0.6549
CAGR EPS = -182.53%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 0 + (0 * -182.53% / 100) = 6.24

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 = 1.47
g = 0.2268
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) = 2.89
β = 0.7641
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.89 + 0.7641 * 5.94 + 0 = 0.0743
Price = (1.47 * (1 + 0.2268)) / (0.0743 - 0.2268) = 11.79

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) = 0.6003
Ebitda Yield = 0.1221
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 = 0.0711
Debt = 2.42
Market Cap = 0
Weight Debt = Market Cap / (Market Cap + Debt) = 0 / (0 + 2.42) = 0
Weight Cost Debt = 100% - 0 = 1
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) = 2.89
β = 0.7641
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.89 + 0.7641 * 5.94 + 0 = 0.0743
WACC = (0.0711 / 2.42) * (100% - 0) * (1 - 0.21) + 0.0743 + 0 = 2.33
Terminal Value = Discount (0.6003 * (1 + 0.1221) / (2.33 - 0.1221)) = 6.08
Company Value = ∑ (0.6003 / (1 + 2.33) ^ 5) = 2.24
Price = (Terminal Value + Company Value) / Count shares = (6.08 + 2.24) / 112180000 = 74.17

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) = 0.3069
FCF Yield = 0.0371
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 = 0.0711
Debt = 2.42
Market Cap = 0
Weight Debt = Market Cap / (Market Cap + Debt) = 0 / (0 + 2.42) = 0
Weight Cost Debt = 100% - 0 = 1
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) = 2.89
β = 0.7641
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.89 + 0.7641 * 5.94 + 0 = 0.0743
WACC = (0.0711 / 2.42) * (100% - 0) * (1 - 0.21) + 0.0743 + 0 = 2.33
Terminal Value = Discount (0.3069 * (1 + 0.0371) / (2.33 - 0.0371)) = 20.5
Company Value = ∑ (0.3069 / (1 + 2.33) ^ 5) = 1.33
Price = (Terminal Value + Company Value) / Count shares = (20.5 + 1.33) / 112180000 = 194.58