NYSE: HUM - Humana

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 = 20
CAGR EPS = -0.0883%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 20 * (1 + -0.0883%) / (0.0433 * 2) = 230.76

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 = 3.54
g = 0.0505
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 = 3.05
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + 3.05 * 5.94 + 0 = 0.2091
Price = (3.54 * (1 + 0.0505)) / (0.2091 - 0.0505) = 23.44

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) = 5.51
Ebitda Yield = 0.0226
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 = 0.493
Debt = 11.83
Market Cap = 60.76
Weight Debt = Market Cap / (Market Cap + Debt) = 60.76 / (60.76 + 11.83) = 0.8371
Weight Cost Debt = 100% - 0.8371 = 0.1629
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 = 3.05
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + 3.05 * 5.94 + 0 = 0.2091
WACC = (0.493 / 11.83) * (100% - 0.8371) * (1 - 0.21) + 0.2091 + 0.8371 = 3.44
Terminal Value = Discount (5.51 * (1 + 0.0226) / (3.44 - 0.0226)) = 401.59
Company Value = ∑ (5.51 / (1 + 3.44) ^ 5) = 23.82
Price = (Terminal Value + Company Value) / Count shares = (401.59 + 23.82) / 124440000 = 3418.6

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) = 2.13
FCF Yield = -0.0651
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 = 0.493
Debt = 11.83
Market Cap = 60.76
Weight Debt = Market Cap / (Market Cap + Debt) = 60.76 / (60.76 + 11.83) = 0.8371
Weight Cost Debt = 100% - 0.8371 = 0.1629
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 = 3.05
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + 3.05 * 5.94 + 0 = 0.2091
WACC = (0.493 / 11.83) * (100% - 0.8371) * (1 - 0.21) + 0.2091 + 0.8371 = 3.44
Terminal Value = Discount (2.13 * (1 + -0.0651) / (3.44 - -0.0651)) = 16.87
Company Value = ∑ (2.13 / (1 + 3.44) ^ 5) = 11.1
Price = (Terminal Value + Company Value) / Count shares = (16.87 + 11.1) / 124440000 = 224.82