NYSE: ERJ - Embraer S.A.

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 = 4.89
CAGR EPS = 16.33%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 31.12 + (31.12 * 16.33% / 100) = 36.2

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) = 2.06
Ebitda Yield = 0.2868
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 = 1.21
Debt = 3.28
Market Cap = 2.76
Weight Debt = Market Cap / (Market Cap + Debt) = 2.76 / (2.76 + 3.28) = 0.4571
Weight Cost Debt = 100% - 0.4571 = 0.5429
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) = 3
β = 4.23
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 3 + 4.23 * 5.94 + 0 = 0.2812
WACC = (1.21 / 3.28) * (100% - 0.4571) * (1 - 0.21) + 0.2812 + 0.4571 = 29.17
Terminal Value = Discount (2.06 * (1 + 0.2868) / (29.17 - 0.2868)) = 148.52
Company Value = ∑ (2.06 / (1 + 29.17) ^ 5) = 2.88
Price = (Terminal Value + Company Value) / Count shares = (148.52 + 2.88) / 183660000 = 824.39

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) = 0.1196
FCF Yield = -0.0848
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 = 1.21
Debt = 3.28
Market Cap = 2.76
Weight Debt = Market Cap / (Market Cap + Debt) = 2.76 / (2.76 + 3.28) = 0.4571
Weight Cost Debt = 100% - 0.4571 = 0.5429
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) = 3
β = 4.23
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 3 + 4.23 * 5.94 + 0 = 0.2812
WACC = (1.21 / 3.28) * (100% - 0.4571) * (1 - 0.21) + 0.2812 + 0.4571 = 29.17
Terminal Value = Discount (0.1196 * (1 + -0.0848) / (29.17 - -0.0848)) = 0.0808
Company Value = ∑ (0.1196 / (1 + 29.17) ^ 5) = 0.3718
Price = (Terminal Value + Company Value) / Count shares = (0.0808 + 0.3718) / 183660000 = 2.46