NYSE: JBGS - JBG SMITH Properties

Price = Avg Price + (Avg Price * CAGR EPS% / 100)
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 = -0.761
CAGR EPS = -209.66%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 0 + (0 * -209.66% / 100) = 9.64

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 = 0.875
g = -0.0491
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 = -1.5
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 3 + -1.5 * 5.94 + 0 = -0.0589
Price = (0.875 * (1 + -0.0491)) / (-0.0589 - -0.0491) = 84.67

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) = 0.196
Ebitda Yield = -0.042
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 = 0.0911
Debt = 2.56
Market Cap = 1.47
Weight Debt = Market Cap / (Market Cap + Debt) = 1.47 / (1.47 + 2.56) = 0.3646
Weight Cost Debt = 100% - 0.3646 = 0.6354
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 = -1.5
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 3 + -1.5 * 5.94 + 0 = -0.0589
WACC = (0.0911 / 2.56) * (100% - 0.3646) * (1 - 0.21) + -0.0589 + 0.3646 = 2.78
Terminal Value = Discount (0.196 * (1 + -0.042) / (2.78 - -0.042)) = 2.35
Company Value = ∑ (0.196 / (1 + 2.78) ^ 5) = 0.9885
Price = (Terminal Value + Company Value) / Count shares = (2.35 + 0.9885) / 105100000 = 31.75

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) = 0.0096
FCF Yield = -1.58
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 = 0.0911
Debt = 2.56
Market Cap = 1.47
Weight Debt = Market Cap / (Market Cap + Debt) = 1.47 / (1.47 + 2.56) = 0.3646
Weight Cost Debt = 100% - 0.3646 = 0.6354
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 = -1.5
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 3 + -1.5 * 5.94 + 0 = -0.0589
WACC = (0.0911 / 2.56) * (100% - 0.3646) * (1 - 0.21) + -0.0589 + 0.3646 = 2.78
Terminal Value = Discount (0.0096 * (1 + -1.58) / (2.78 - -1.58)) = -0.003
Company Value = ∑ (0.0096 / (1 + 2.78) ^ 5) = 0.0571
Price = (Terminal Value + Company Value) / Count shares = (-0.003 + 0.0571) / 105100000 = 0.5144