NYSE: EXC - Exelon

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 = 2.45
CAGR EPS = 4.06%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 2.45 * (1 + 4.06%) / (0.0433 * 2) = 29.47

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 = 1.54
g = -0.053
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) = 2.82
β = -0.6864
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + -0.6864 * 5.94 + 0 = -0.0126
Price = (1.54 * (1 + -0.053)) / (-0.0126 - -0.053) = 36.08

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) = 6.71
Ebitda Yield = -0.0386
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 = 1.91
Debt = 13.07
Market Cap = 39.82
Weight Debt = Market Cap / (Market Cap + Debt) = 39.82 / (39.82 + 13.07) = 0.7529
Weight Cost Debt = 100% - 0.7529 = 0.2471
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) = 2.82
β = -0.6864
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + -0.6864 * 5.94 + 0 = -0.0126
WACC = (1.91 / 13.07) * (100% - 0.7529) * (1 - 0.21) + -0.0126 + 0.7529 = 11.47
Terminal Value = Discount (6.71 * (1 + -0.0386) / (11.47 - -0.0386)) = 24.45
Company Value = ∑ (6.71 / (1 + 11.47) ^ 5) = 26.8
Price = (Terminal Value + Company Value) / Count shares = (24.45 + 26.8) / 1002999999 = 51.09

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) = 0.9591
FCF Yield = 0.1311
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 = 1.91
Debt = 13.07
Market Cap = 39.82
Weight Debt = Market Cap / (Market Cap + Debt) = 39.82 / (39.82 + 13.07) = 0.7529
Weight Cost Debt = 100% - 0.7529 = 0.2471
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) = 2.82
β = -0.6864
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + -0.6864 * 5.94 + 0 = -0.0126
WACC = (1.91 / 13.07) * (100% - 0.7529) * (1 - 0.21) + -0.0126 + 0.7529 = 11.47
Terminal Value = Discount (0.9591 * (1 + 0.1311) / (11.47 - 0.1311)) = 38.47
Company Value = ∑ (0.9591 / (1 + 11.47) ^ 5) = 2.71
Price = (Terminal Value + Company Value) / Count shares = (38.47 + 2.71) / 1002999999 = 41.05