NYSE: CNC - Centene

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 = 4.95
CAGR EPS = 9.54%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 4.95 * (1 + 9.54%) / (0.0433 * 2) = 62.63

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) = 3.13
Ebitda Yield = 0.0132
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 = 0.725
Debt = 17.83
Market Cap = 34.49
Weight Debt = Market Cap / (Market Cap + Debt) = 34.49 / (34.49 + 17.83) = 0.6592
Weight Cost Debt = 100% - 0.6592 = 0.3408
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 = -1.43
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.75 + -1.43 * 5.94 + 0 = -0.0577
WACC = (0.725 / 17.83) * (100% - 0.6592) * (1 - 0.21) + -0.0577 + 0.6592 = 3.15
Terminal Value = Discount (3.13 * (1 + 0.0132) / (3.15 - 0.0132)) = 147.94
Company Value = ∑ (3.13 / (1 + 3.15) ^ 5) = 13.89
Price = (Terminal Value + Company Value) / Count shares = (147.94 + 13.89) / 545700000 = 296.54

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) = 47.87
FCF Yield = 0.4585
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 = 0.725
Debt = 17.83
Market Cap = 34.49
Weight Debt = Market Cap / (Market Cap + Debt) = 34.49 / (34.49 + 17.83) = 0.6592
Weight Cost Debt = 100% - 0.6592 = 0.3408
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 = -1.43
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.75 + -1.43 * 5.94 + 0 = -0.0577
WACC = (0.725 / 17.83) * (100% - 0.6592) * (1 - 0.21) + -0.0577 + 0.6592 = 3.15
Terminal Value = Discount (47.87 * (1 + 0.4585) / (3.15 - 0.4585)) = 140.02
Company Value = ∑ (47.87 / (1 + 3.15) ^ 5) = 115.24
Price = (Terminal Value + Company Value) / Count shares = (140.02 + 115.24) / 545700000 = 467.77