NYSE: FTV - Fortive Corporation

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 = 2.43
CAGR EPS = 2.33%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 2.43 * (1 + 2.33%) / (0.0433 * 2) = 28.77

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 = 0.32
g = -0.0088
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 = 1.27
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 3 + 1.27 * 5.94 + 0 = 0.1054
Price = (0.32 * (1 + -0.0088)) / (0.1054 - -0.0088) = 2.78

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) = 0.9638
Ebitda Yield = -0.032
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 = 0.1235
Debt = 3.68
Market Cap = 26.78
Weight Debt = Market Cap / (Market Cap + Debt) = 26.78 / (26.78 + 3.68) = 0.8791
Weight Cost Debt = 100% - 0.8791 = 0.1209
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 = 1.27
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 3 + 1.27 * 5.94 + 0 = 0.1054
WACC = (0.1235 / 3.68) * (100% - 0.8791) * (1 - 0.21) + 0.1054 + 0.8791 = 2.72
Terminal Value = Discount (0.9638 * (1 + -0.032) / (2.72 - -0.032)) = 13.8
Company Value = ∑ (0.9638 / (1 + 2.72) ^ 5) = 4.76
Price = (Terminal Value + Company Value) / Count shares = (13.8 + 4.76) / 355600000 = 52.19

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) = 1.32
FCF Yield = 0.0115
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 = 0.1235
Debt = 3.68
Market Cap = 26.78
Weight Debt = Market Cap / (Market Cap + Debt) = 26.78 / (26.78 + 3.68) = 0.8791
Weight Cost Debt = 100% - 0.8791 = 0.1209
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 = 1.27
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 3 + 1.27 * 5.94 + 0 = 0.1054
WACC = (0.1235 / 3.68) * (100% - 0.8791) * (1 - 0.21) + 0.1054 + 0.8791 = 2.72
Terminal Value = Discount (1.32 * (1 + 0.0115) / (2.72 - 0.0115)) = 74.42
Company Value = ∑ (1.32 / (1 + 2.72) ^ 5) = 5.95
Price = (Terminal Value + Company Value) / Count shares = (74.42 + 5.95) / 355600000 = 226.01