NYSE: DRE - Duke Realty

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 = 2.44
CAGR EPS = 18.15%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 2.44 * (1 + 18.15%) / (0.0433 * 2) = 33.29

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) = 2.21
Ebitda Yield = 0.1037
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 = 0.08
Debt = 3.89
Market Cap = 19.77
Weight Debt = Market Cap / (Market Cap + Debt) = 19.77 / (19.77 + 3.89) = 0.8356
Weight Cost Debt = 100% - 0.8356 = 0.1644
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 = 0.669
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.75 + 0.669 * 5.94 + 0 = 0.0672
WACC = (0.08 / 3.89) * (100% - 0.8356) * (1 - 0.21) + 0.0672 + 0.8356 = 1.67
Terminal Value = Discount (2.21 * (1 + 0.1037) / (1.67 - 0.1037)) = 25.81
Company Value = ∑ (2.21 / (1 + 1.67) ^ 5) = 8.7
Price = (Terminal Value + Company Value) / Count shares = (25.81 + 8.7) / 389200000 = 88.66

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) = 0.8433
FCF Yield = 0.0507
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 = 0.08
Debt = 3.89
Market Cap = 19.77
Weight Debt = Market Cap / (Market Cap + Debt) = 19.77 / (19.77 + 3.89) = 0.8356
Weight Cost Debt = 100% - 0.8356 = 0.1644
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 = 0.669
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.75 + 0.669 * 5.94 + 0 = 0.0672
WACC = (0.08 / 3.89) * (100% - 0.8356) * (1 - 0.21) + 0.0672 + 0.8356 = 1.67
Terminal Value = Discount (0.8433 * (1 + 0.0507) / (1.67 - 0.0507)) = 23.98
Company Value = ∑ (0.8433 / (1 + 1.67) ^ 5) = 3.64
Price = (Terminal Value + Company Value) / Count shares = (23.98 + 3.64) / 389200000 = 70.96