NYSE: FLT - FleetCor Technologies

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 = 13.2
CAGR EPS = 5.84%
Key Rate = 0.0458
Excess Key Rate = 2
Price = 13.2 * (1 + 5.84%) / (0.0458 * 2) = 152.51

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 Ebitda(5) * (1 + Ebitda Yield) / (WACC - Ebitda Yield)
Company Value = ∑ (Discount Ebitda / (1 + WACC) ^ 5)
Discount Ebitda(5) = 2.57
Ebitda Yield = 0.0486
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 = 0.3486
Debt = 6.75
Market Cap = 19.39
Weight Debt = Market Cap / (Market Cap + Debt) = 19.39 / (19.39 + 6.75) = 0.7419
Weight Cost Debt = 100% - 0.7419 = 0.2581
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) = 2.6
β = 0
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.6 + 0 * 5.94 + 0 = 0.026
WACC = (0.3486 / 6.75) * (100% - 0.7419) * (1 - 0.21) + 0.026 + 0.7419 = 4.07
Terminal Value = Discount (2.57 * (1 + 0.0486) / (4.07 - 0.0486)) = 280.99
Company Value = ∑ (2.57 / (1 + 4.07) ^ 5) = 10.37
Price = (Terminal Value + Company Value) / Count shares = (280.99 + 10.37) / 74390000 = 3916.65

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) = 3.11
FCF Yield = 0.0984
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 = 0.3486
Debt = 6.75
Market Cap = 19.39
Weight Debt = Market Cap / (Market Cap + Debt) = 19.39 / (19.39 + 6.75) = 0.7419
Weight Cost Debt = 100% - 0.7419 = 0.2581
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) = 2.6
β = 0
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.6 + 0 * 5.94 + 0 = 0.026
WACC = (0.3486 / 6.75) * (100% - 0.7419) * (1 - 0.21) + 0.026 + 0.7419 = 4.07
Terminal Value = Discount (3.11 * (1 + 0.0984) / (4.07 - 0.0984)) = 48.53
Company Value = ∑ (3.11 / (1 + 4.07) ^ 5) = 11.48
Price = (Terminal Value + Company Value) / Count shares = (48.53 + 11.48) / 74390000 = 806.74