NYSE: ELY - Callaway Golf Company

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 = 1.11
CAGR EPS = -8.88%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 1.11 * (1 + -8.88%) / (0.0433 * 2) = 11.68

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) = 0.8171
Ebitda Yield = 0.1596
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 = 0.1405
Debt = 3.37
Market Cap = 3.77
Weight Debt = Market Cap / (Market Cap + Debt) = 3.77 / (3.77 + 3.37) = 0.528
Weight Cost Debt = 100% - 0.528 = 0.472
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 = 0
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.89 + 0 * 5.94 + 0 = 0.0289
WACC = (0.1405 / 3.37) * (100% - 0.528) * (1 - 0.21) + 0.0289 + 0.528 = 3.29
Terminal Value = Discount (0.8171 * (1 + 0.1596) / (3.29 - 0.1596)) = 6.36
Company Value = ∑ (0.8171 / (1 + 3.29) ^ 5) = 2.79
Price = (Terminal Value + Company Value) / Count shares = (6.36 + 2.79) / 94000000 = 97.41

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) = 0.1296
FCF Yield = -1.88
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 = 0.1405
Debt = 3.37
Market Cap = 3.77
Weight Debt = Market Cap / (Market Cap + Debt) = 3.77 / (3.77 + 3.37) = 0.528
Weight Cost Debt = 100% - 0.528 = 0.472
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 = 0
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.89 + 0 * 5.94 + 0 = 0.0289
WACC = (0.1405 / 3.37) * (100% - 0.528) * (1 - 0.21) + 0.0289 + 0.528 = 3.29
Terminal Value = Discount (0.1296 * (1 + -1.88) / (3.29 - -1.88)) = -0.0507
Company Value = ∑ (0.1296 / (1 + 3.29) ^ 5) = 0.1639
Price = (Terminal Value + Company Value) / Count shares = (-0.0507 + 0.1639) / 94000000 = 1.2