NYSE: ICE - Intercontinental Exchange

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 = 4.19
CAGR EPS = 4.15%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 4.19 * (1 + 4.15%) / (0.0433 * 2) = 50.41

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 = 3.72
g = 0.1652
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 = -0.538
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + -0.538 * 5.94 + 0 = -0.0038
Price = (3.72 * (1 + 0.1652)) / (-0.0038 - 0.1652) = 25.66

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) = 6.52
Ebitda Yield = 0.059
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 = 0.808
Debt = 22.61
Market Cap = 63.73
Weight Debt = Market Cap / (Market Cap + Debt) = 63.73 / (63.73 + 22.61) = 0.7381
Weight Cost Debt = 100% - 0.7381 = 0.2619
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 = -0.538
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + -0.538 * 5.94 + 0 = -0.0038
WACC = (0.808 / 22.61) * (100% - 0.7381) * (1 - 0.21) + -0.0038 + 0.7381 = 2.8
Terminal Value = Discount (6.52 * (1 + 0.059) / (2.8 - 0.059)) = 193.93
Company Value = ∑ (6.52 / (1 + 2.8) ^ 5) = 26.79
Price = (Terminal Value + Company Value) / Count shares = (193.93 + 26.79) / 565000000 = 390.65

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) = 3.77
FCF Yield = 0.043
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 = 0.808
Debt = 22.61
Market Cap = 63.73
Weight Debt = Market Cap / (Market Cap + Debt) = 63.73 / (63.73 + 22.61) = 0.7381
Weight Cost Debt = 100% - 0.7381 = 0.2619
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 = -0.538
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + -0.538 * 5.94 + 0 = -0.0038
WACC = (0.808 / 22.61) * (100% - 0.7381) * (1 - 0.21) + -0.0038 + 0.7381 = 2.8
Terminal Value = Discount (3.77 * (1 + 0.043) / (2.8 - 0.043)) = 228.27
Company Value = ∑ (3.77 / (1 + 2.8) ^ 5) = 15.95
Price = (Terminal Value + Company Value) / Count shares = (228.27 + 15.95) / 565000000 = 432.25