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 = 11.3
CAGR EPS = 7.98%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 11.3 * (1 + 7.98%) / (0.0433 * 2) = 140.95

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) = 1.21
Ebitda Yield = 0.0112
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 = 0.1369
Debt = 1.26
Market Cap = 7.78
Weight Debt = Market Cap / (Market Cap + Debt) = 7.78 / (7.78 + 1.26) = 0.8607
Weight Cost Debt = 100% - 0.8607 = 0.1393
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 = 1.85
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + 1.85 * 5.94 + 0 = 0.1378
WACC = (0.1369 / 1.26) * (100% - 0.8607) * (1 - 0.21) + 0.1378 + 0.8607 = 8.63
Terminal Value = Discount (1.21 * (1 + 0.0112) / (8.63 - 0.0112)) = 10.79
Company Value = ∑ (1.21 / (1 + 8.63) ^ 5) = 4.65
Price = (Terminal Value + Company Value) / Count shares = (10.79 + 4.65) / 48370000 = 319.09

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) = 0.4114
FCF Yield = -0.0726
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 = 0.1369
Debt = 1.26
Market Cap = 7.78
Weight Debt = Market Cap / (Market Cap + Debt) = 7.78 / (7.78 + 1.26) = 0.8607
Weight Cost Debt = 100% - 0.8607 = 0.1393
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 = 1.85
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + 1.85 * 5.94 + 0 = 0.1378
WACC = (0.1369 / 1.26) * (100% - 0.8607) * (1 - 0.21) + 0.1378 + 0.8607 = 8.63
Terminal Value = Discount (0.4114 * (1 + -0.0726) / (8.63 - -0.0726)) = 1.59
Company Value = ∑ (0.4114 / (1 + 8.63) ^ 5) = 1.91
Price = (Terminal Value + Company Value) / Count shares = (1.59 + 1.91) / 48370000 = 72.34