NYSE: CRM - Salesforce

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 = 4.2
CAGR EPS = 95.23%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 4.2 * (1 + 95.23%) / (0.0433 * 2) = 94.76

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 = 1.6
g = 0.6839
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) = 3
β = 2.18
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 3 + 2.18 * 5.94 + 0 = 0.1596
Price = (1.6 * (1 + 0.6839)) / (0.1596 - 0.6839) = 5.14

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) = 28.42
Ebitda Yield = 0.2525
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 = 0.287
Debt = 13.56
Market Cap = 199.5
Weight Debt = Market Cap / (Market Cap + Debt) = 199.5 / (199.5 + 13.56) = 0.9363
Weight Cost Debt = 100% - 0.9363 = 0.0637
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) = 3
β = 2.18
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 3 + 2.18 * 5.94 + 0 = 0.1596
WACC = (0.287 / 13.56) * (100% - 0.9363) * (1 - 0.21) + 0.1596 + 0.9363 = 1.81
Terminal Value = Discount (28.42 * (1 + 0.2525) / (1.81 - 0.2525)) = 138.85
Company Value = ∑ (28.42 / (1 + 1.81) ^ 5) = 89.58
Price = (Terminal Value + Company Value) / Count shares = (138.85 + 89.58) / 984000000 = 232.14

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) = 20.52
FCF Yield = 0.1665
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 = 0.287
Debt = 13.56
Market Cap = 199.5
Weight Debt = Market Cap / (Market Cap + Debt) = 199.5 / (199.5 + 13.56) = 0.9363
Weight Cost Debt = 100% - 0.9363 = 0.0637
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) = 3
β = 2.18
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 3 + 2.18 * 5.94 + 0 = 0.1596
WACC = (0.287 / 13.56) * (100% - 0.9363) * (1 - 0.21) + 0.1596 + 0.9363 = 1.81
Terminal Value = Discount (20.52 * (1 + 0.1665) / (1.81 - 0.1665)) = 147.4
Company Value = ∑ (20.52 / (1 + 1.81) ^ 5) = 72.77
Price = (Terminal Value + Company Value) / Count shares = (147.4 + 72.77) / 984000000 = 223.76