NYSE: FBHS - Fortune Brands

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 = 5.54
CAGR EPS = 15.8%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 60.8 + (60.8 * 15.8% / 100) = 70.41

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 Ebitda(5) * (1 + Ebitda Yield) / (WACC - Ebitda Yield)
Company Value = ∑ (Discount Ebitda / (1 + WACC) ^ 5)
Discount Ebitda(5) = 0.4878
Ebitda Yield = -0.0453
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 = 0.1065
Debt = 3.53
Market Cap = 8.26
Weight Debt = Market Cap / (Market Cap + Debt) = 8.26 / (8.26 + 3.53) = 0.7005
Weight Cost Debt = 100% - 0.7005 = 0.2995
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
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + 0 * 5.94 + 0 = 0.0282
WACC = (0.1065 / 3.53) * (100% - 0.7005) * (1 - 0.21) + 0.0282 + 0.7005 = 2.39
Terminal Value = Discount (0.4878 * (1 + -0.0453) / (2.39 - -0.0453)) = 5.99
Company Value = ∑ (0.4878 / (1 + 2.39) ^ 5) = 2.51
Price = (Terminal Value + Company Value) / Count shares = (5.99 + 2.51) / 135850000 = 62.51

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) = 1.92
FCF Yield = 0.127
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 = 0.1065
Debt = 3.53
Market Cap = 8.26
Weight Debt = Market Cap / (Market Cap + Debt) = 8.26 / (8.26 + 3.53) = 0.7005
Weight Cost Debt = 100% - 0.7005 = 0.2995
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
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + 0 * 5.94 + 0 = 0.0282
WACC = (0.1065 / 3.53) * (100% - 0.7005) * (1 - 0.21) + 0.0282 + 0.7005 = 2.39
Terminal Value = Discount (1.92 * (1 + 0.127) / (2.39 - 0.127)) = 18.64
Company Value = ∑ (1.92 / (1 + 2.39) ^ 5) = 7.11
Price = (Terminal Value + Company Value) / Count shares = (18.64 + 7.11) / 135850000 = 189.55