NYSE: ITW - Illinois Tool Works

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 = 9.74
CAGR EPS = 4.7%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 9.74 * (1 + 4.7%) / (0.0433 * 2) = 117.76

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 = 5.8
g = 0.0346
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) = 2.89
β = 0.1502
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.89 + 0.1502 * 5.94 + 0 = 0.0378
Price = (5.8 * (1 + 0.0346)) / (0.0378 - 0.0346) = 1863.84

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) = 4.36
Ebitda Yield = 0.0155
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 = 0.266
Debt = 8.22
Market Cap = 71.3
Weight Debt = Market Cap / (Market Cap + Debt) = 71.3 / (71.3 + 8.22) = 0.8966
Weight Cost Debt = 100% - 0.8966 = 0.1034
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) = 2.89
β = 0.1502
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.89 + 0.1502 * 5.94 + 0 = 0.0378
WACC = (0.266 / 8.22) * (100% - 0.8966) * (1 - 0.21) + 0.0378 + 0.8966 = 2.57
Terminal Value = Discount (4.36 * (1 + 0.0155) / (2.57 - 0.0155)) = 384.55
Company Value = ∑ (4.36 / (1 + 2.57) ^ 5) = 19.61
Price = (Terminal Value + Company Value) / Count shares = (384.55 + 19.61) / 303600000 = 1331.22

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) = 3.46
FCF Yield = 0.0234
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 = 0.266
Debt = 8.22
Market Cap = 71.3
Weight Debt = Market Cap / (Market Cap + Debt) = 71.3 / (71.3 + 8.22) = 0.8966
Weight Cost Debt = 100% - 0.8966 = 0.1034
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) = 2.89
β = 0.1502
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.89 + 0.1502 * 5.94 + 0 = 0.0378
WACC = (0.266 / 8.22) * (100% - 0.8966) * (1 - 0.21) + 0.0378 + 0.8966 = 2.57
Terminal Value = Discount (3.46 * (1 + 0.0234) / (2.57 - 0.0234)) = 1375.86
Company Value = ∑ (3.46 / (1 + 2.57) ^ 5) = 15.32
Price = (Terminal Value + Company Value) / Count shares = (1375.86 + 15.32) / 303600000 = 4582.29