NYSE: ICFI - ICF International

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 = 4.35
CAGR EPS = 3.94%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 4.35 * (1 + 3.94%) / (0.0433 * 2) = 52.2

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 = 0.7
g = 0.1233
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 = 6.06
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + 6.06 * 5.94 + 0 = 0.3879
Price = (0.7 * (1 + 0.1233)) / (0.3879 - 0.1233) = 2.97

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) = 0.277
Ebitda Yield = 0.0706
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 = 0.0327
Debt = 0.4533
Market Cap = 2.36
Weight Debt = Market Cap / (Market Cap + Debt) = 2.36 / (2.36 + 0.4533) = 0.8389
Weight Cost Debt = 100% - 0.8389 = 0.1611
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 = 6.06
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + 6.06 * 5.94 + 0 = 0.3879
WACC = (0.0327 / 0.4533) * (100% - 0.8389) * (1 - 0.21) + 0.3879 + 0.8389 = 5.98
Terminal Value = Discount (0.277 * (1 + 0.0706) / (5.98 - 0.0706)) = 20.53
Company Value = ∑ (0.277 / (1 + 5.98) ^ 5) = 1.02
Price = (Terminal Value + Company Value) / Count shares = (20.53 + 1.02) / 18990000 = 1134.59

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) = 0.2295
FCF Yield = 0.1203
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 = 0.0327
Debt = 0.4533
Market Cap = 2.36
Weight Debt = Market Cap / (Market Cap + Debt) = 2.36 / (2.36 + 0.4533) = 0.8389
Weight Cost Debt = 100% - 0.8389 = 0.1611
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 = 6.06
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + 6.06 * 5.94 + 0 = 0.3879
WACC = (0.0327 / 0.4533) * (100% - 0.8389) * (1 - 0.21) + 0.3879 + 0.8389 = 5.98
Terminal Value = Discount (0.2295 * (1 + 0.1203) / (5.98 - 0.1203)) = 3.18
Company Value = ∑ (0.2295 / (1 + 5.98) ^ 5) = 0.7706
Price = (Terminal Value + Company Value) / Count shares = (3.18 + 0.7706) / 18990000 = 207.82