NYSE: DIS - Walt Disney

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 = 2.72
CAGR EPS = 32.03%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 2.72 * (1 + 32.03%) / (0.0433 * 2) = 41.4

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 = 1.45
g = 0.0765
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) = 2.89
β = 3.63
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.89 + 3.63 * 5.94 + 0 = 0.2443
Price = (1.45 * (1 + 0.0765)) / (0.2443 - 0.0765) = 9.3

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) = 17.22
Ebitda Yield = 0.0422
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 = 1.45
Debt = 48.74
Market Cap = 157.29
Weight Debt = Market Cap / (Market Cap + Debt) = 157.29 / (157.29 + 48.74) = 0.7634
Weight Cost Debt = 100% - 0.7634 = 0.2366
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) = 2.89
β = 3.63
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.89 + 3.63 * 5.94 + 0 = 0.2443
WACC = (1.45 / 48.74) * (100% - 0.7634) * (1 - 0.21) + 0.2443 + 0.7634 = 2.51
Terminal Value = Discount (17.22 * (1 + 0.0422) / (2.51 - 0.0422)) = 928
Company Value = ∑ (17.22 / (1 + 2.51) ^ 5) = 73.61
Price = (Terminal Value + Company Value) / Count shares = (928 + 73.61) / 1831000000 = 547.03

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) = 17.31
FCF Yield = 0.1513
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 = 1.45
Debt = 48.74
Market Cap = 157.29
Weight Debt = Market Cap / (Market Cap + Debt) = 157.29 / (157.29 + 48.74) = 0.7634
Weight Cost Debt = 100% - 0.7634 = 0.2366
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) = 2.89
β = 3.63
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.89 + 3.63 * 5.94 + 0 = 0.2443
WACC = (1.45 / 48.74) * (100% - 0.7634) * (1 - 0.21) + 0.2443 + 0.7634 = 2.51
Terminal Value = Discount (17.31 * (1 + 0.1513) / (2.51 - 0.1513)) = 139.55
Company Value = ∑ (17.31 / (1 + 2.51) ^ 5) = 61.44
Price = (Terminal Value + Company Value) / Count shares = (139.55 + 61.44) / 1831000000 = 109.77