NYSE: COG - Cabot Oil & Gas

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 = 0.68
CAGR EPS = 32.3%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 0.68 * (1 + 32.3%) / (0.0433 * 2) = 10.39

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) = 3.99
Ebitda Yield = 0.3896
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
Debt = 1.08
Market Cap = 8.87
Weight Debt = Market Cap / (Market Cap + Debt) = 8.87 / (8.87 + 1.08) = 0.8916
Weight Cost Debt = 100% - 0.8916 = 0.1084
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 = 0
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + 0 * 5.94 + 0 = 0.0282
WACC = (0 / 1.08) * (100% - 0.8916) * (1 - 0.21) + 0.0282 + 0.8916 = 0.0251
Terminal Value = Discount (3.99 * (1 + 0.3896) / (0.0251 - 0.3896)) = 14.24
Company Value = ∑ (3.99 / (1 + 0.0251) ^ 5) = 11.49
Price = (Terminal Value + Company Value) / Count shares = (14.24 + 11.49) / 398000000 = 64.64

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) = 1.3
FCF Yield = 0.2271
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
Debt = 1.08
Market Cap = 8.87
Weight Debt = Market Cap / (Market Cap + Debt) = 8.87 / (8.87 + 1.08) = 0.8916
Weight Cost Debt = 100% - 0.8916 = 0.1084
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 = 0
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + 0 * 5.94 + 0 = 0.0282
WACC = (0 / 1.08) * (100% - 0.8916) * (1 - 0.21) + 0.0282 + 0.8916 = 0.0251
Terminal Value = Discount (1.3 * (1 + 0.2271) / (0.0251 - 0.2271)) = 7
Company Value = ∑ (1.3 / (1 + 0.0251) ^ 5) = 4.48
Price = (Terminal Value + Company Value) / Count shares = (7 + 4.48) / 398000000 = 28.86