NYSE: CPT - Camden Property Trust

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 = 3.69
CAGR EPS = 10.68%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 3.69 * (1 + 10.68%) / (0.0433 * 2) = 47.12

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 = 4.12
g = 0.1025
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 = -0.253
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.75 + -0.253 * 5.94 + 0 = 0.0125
Price = (4.12 * (1 + 0.1025)) / (0.0125 - 0.1025) = 50.43

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) = 1.18
Ebitda Yield = 0.0558
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 = 0.1334
Debt = 4.25
Market Cap = 11.34
Weight Debt = Market Cap / (Market Cap + Debt) = 11.34 / (11.34 + 4.25) = 0.7273
Weight Cost Debt = 100% - 0.7273 = 0.2727
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 = -0.253
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.75 + -0.253 * 5.94 + 0 = 0.0125
WACC = (0.1334 / 4.25) * (100% - 0.7273) * (1 - 0.21) + 0.0125 + 0.7273 = 2.47
Terminal Value = Discount (1.18 * (1 + 0.0558) / (2.47 - 0.0558)) = 35.43
Company Value = ∑ (1.18 / (1 + 2.47) ^ 5) = 4.92
Price = (Terminal Value + Company Value) / Count shares = (35.43 + 4.92) / 109400000 = 368.91

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) = 0.835
FCF Yield = 0.1681
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 = 0.1334
Debt = 4.25
Market Cap = 11.34
Weight Debt = Market Cap / (Market Cap + Debt) = 11.34 / (11.34 + 4.25) = 0.7273
Weight Cost Debt = 100% - 0.7273 = 0.2727
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 = -0.253
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.75 + -0.253 * 5.94 + 0 = 0.0125
WACC = (0.1334 / 4.25) * (100% - 0.7273) * (1 - 0.21) + 0.0125 + 0.7273 = 2.47
Terminal Value = Discount (0.835 * (1 + 0.1681) / (2.47 - 0.1681)) = 6.02
Company Value = ∑ (0.835 / (1 + 2.47) ^ 5) = 2.89
Price = (Terminal Value + Company Value) / Count shares = (6.02 + 2.89) / 109400000 = 81.49