NYSE: CVS - CVS Health Corporation

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 = 6.47
CAGR EPS = 4.95%
Key Rate = 0.0458
Excess Key Rate = 2
Price = 65.64 + (65.64 * 4.95% / 100) = 68.89

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 = 2.66
g = -0.0276
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) = 2.6
β = -1.17
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.6 + -1.17 * 5.94 + 0 = -0.0436
Price = (2.66 * (1 + -0.0276)) / (-0.0436 - -0.0276) = 162.45

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) = 11.89
Ebitda Yield = -0.0285
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 = 2.66
Debt = 63.35
Market Cap = 85.81
Weight Debt = Market Cap / (Market Cap + Debt) = 85.81 / (85.81 + 63.35) = 0.5753
Weight Cost Debt = 100% - 0.5753 = 0.4247
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) = 2.6
β = -1.17
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.6 + -1.17 * 5.94 + 0 = -0.0436
WACC = (2.66 / 63.35) * (100% - 0.5753) * (1 - 0.21) + -0.0436 + 0.5753 = 3.27
Terminal Value = Discount (11.89 * (1 + -0.0285) / (3.27 - -0.0285)) = 160.59
Company Value = ∑ (11.89 / (1 + 3.27) ^ 5) = 57.41
Price = (Terminal Value + Company Value) / Count shares = (160.59 + 57.41) / 1290000000 = 168.99

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) = 10.4
FCF Yield = 7.7E-5
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 = 2.66
Debt = 63.35
Market Cap = 85.81
Weight Debt = Market Cap / (Market Cap + Debt) = 85.81 / (85.81 + 63.35) = 0.5753
Weight Cost Debt = 100% - 0.5753 = 0.4247
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) = 2.6
β = -1.17
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.6 + -1.17 * 5.94 + 0 = -0.0436
WACC = (2.66 / 63.35) * (100% - 0.5753) * (1 - 0.21) + -0.0436 + 0.5753 = 3.27
Terminal Value = Discount (10.4 * (1 + 7.7E-5) / (3.27 - 7.7E-5)) = 271.37
Company Value = ∑ (10.4 / (1 + 3.27) ^ 5) = 47.25
Price = (Terminal Value + Company Value) / Count shares = (271.37 + 47.25) / 1290000000 = 246.99