NYSE: JLL - Jones Lang LaSalle Incorporated (JLL)

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 = 4.67
CAGR EPS = -15.59%
Key Rate = 0.0458
Excess Key Rate = 2
Price = 4.67 * (1 + -15.59%) / (0.0458 * 2) = 43.02

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) = 0.6973
Ebitda Yield = -0.053
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 = 0.1354
Debt = 2.36
Market Cap = 7.78
Weight Debt = Market Cap / (Market Cap + Debt) = 7.78 / (7.78 + 2.36) = 0.7671
Weight Cost Debt = 100% - 0.7671 = 0.2329
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) = 2.6
β = 2.6
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.6 + 2.6 * 5.94 + 0 = 0.1806
WACC = (0.1354 / 2.36) * (100% - 0.7671) * (1 - 0.21) + 0.1806 + 0.7671 = 4.63
Terminal Value = Discount (0.6973 * (1 + -0.053) / (4.63 - -0.053)) = 5.3
Company Value = ∑ (0.6973 / (1 + 4.63) ^ 5) = 3.43
Price = (Terminal Value + Company Value) / Count shares = (5.3 + 3.43) / 48290000 = 180.77

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) = 0.5391
FCF Yield = 0.0549
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 = 0.1354
Debt = 2.36
Market Cap = 7.78
Weight Debt = Market Cap / (Market Cap + Debt) = 7.78 / (7.78 + 2.36) = 0.7671
Weight Cost Debt = 100% - 0.7671 = 0.2329
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) = 2.6
β = 2.6
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.6 + 2.6 * 5.94 + 0 = 0.1806
WACC = (0.1354 / 2.36) * (100% - 0.7671) * (1 - 0.21) + 0.1806 + 0.7671 = 4.63
Terminal Value = Discount (0.5391 * (1 + 0.0549) / (4.63 - 0.0549)) = 52.57
Company Value = ∑ (0.5391 / (1 + 4.63) ^ 5) = 2.11
Price = (Terminal Value + Company Value) / Count shares = (52.57 + 2.11) / 48290000 = 1132.38