NYSE: DFS - Discover Financial Services

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 = 11.57
CAGR EPS = 4.61%
Key Rate = 0.0458
Excess Key Rate = 2
Price = 128.81 + (128.81 * 4.61% / 100) = 134.75

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 = 3.5
g = 0.0548
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 = 1.88
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.6 + 1.88 * 5.94 + 0 = 0.1377
Price = (3.5 * (1 + 0.0548)) / (0.1377 - 0.0548) = 44.55

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) = 2.64
Ebitda Yield = -0.0801
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 = 0.86
Debt = 22.77
Market Cap = 23.33
Weight Debt = Market Cap / (Market Cap + Debt) = 23.33 / (23.33 + 22.77) = 0.5061
Weight Cost Debt = 100% - 0.5061 = 0.4939
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 = 1.88
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.6 + 1.88 * 5.94 + 0 = 0.1377
WACC = (0.86 / 22.77) * (100% - 0.5061) * (1 - 0.21) + 0.1377 + 0.5061 = 3.04
Terminal Value = Discount (2.64 * (1 + -0.0801) / (3.04 - -0.0801)) = 18.96
Company Value = ∑ (2.64 / (1 + 3.04) ^ 5) = 14.46
Price = (Terminal Value + Company Value) / Count shares = (18.96 + 14.46) / 254000000 = 131.57

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) = 10.82
FCF Yield = 0.0554
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 = 0.86
Debt = 22.77
Market Cap = 23.33
Weight Debt = Market Cap / (Market Cap + Debt) = 23.33 / (23.33 + 22.77) = 0.5061
Weight Cost Debt = 100% - 0.5061 = 0.4939
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 = 1.88
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.6 + 1.88 * 5.94 + 0 = 0.1377
WACC = (0.86 / 22.77) * (100% - 0.5061) * (1 - 0.21) + 0.1377 + 0.5061 = 3.04
Terminal Value = Discount (10.82 * (1 + 0.0554) / (3.04 - 0.0554)) = 392.9
Company Value = ∑ (10.82 / (1 + 3.04) ^ 5) = 44.41
Price = (Terminal Value + Company Value) / Count shares = (392.9 + 44.41) / 254000000 = 1721.67