NYSE: JNJ - Johnson & Johnson

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 = 13.73
CAGR EPS = 19.52%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 149.97 + (149.97 * 19.52% / 100) = 179.23

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 = 4.91
g = 0.0799
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) = 2.75
β = -1.33
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.75 + -1.33 * 5.94 + 0 = -0.0513
Price = (4.91 * (1 + 0.0799)) / (-0.0513 - 0.0799) = 40.42

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) = 36.81
Ebitda Yield = 0.0464
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 = 1.25
Debt = 29.33
Market Cap = 448.3
Weight Debt = Market Cap / (Market Cap + Debt) = 448.3 / (448.3 + 29.33) = 0.9386
Weight Cost Debt = 100% - 0.9386 = 0.0614
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) = 2.75
β = -1.33
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.75 + -1.33 * 5.94 + 0 = -0.0513
WACC = (1.25 / 29.33) * (100% - 0.9386) * (1 - 0.21) + -0.0513 + 0.9386 = 3.28
Terminal Value = Discount (36.81 * (1 + 0.0464) / (3.28 - 0.0464)) = 2405.89
Company Value = ∑ (36.81 / (1 + 3.28) ^ 5) = 152.6
Price = (Terminal Value + Company Value) / Count shares = (2405.89 + 152.6) / 2560400000 = 999.25

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) = 17.01
FCF Yield = -0.0139
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 = 1.25
Debt = 29.33
Market Cap = 448.3
Weight Debt = Market Cap / (Market Cap + Debt) = 448.3 / (448.3 + 29.33) = 0.9386
Weight Cost Debt = 100% - 0.9386 = 0.0614
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) = 2.75
β = -1.33
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.75 + -1.33 * 5.94 + 0 = -0.0513
WACC = (1.25 / 29.33) * (100% - 0.9386) * (1 - 0.21) + -0.0513 + 0.9386 = 3.28
Terminal Value = Discount (17.01 * (1 + -0.0139) / (3.28 - -0.0139)) = 305.78
Company Value = ∑ (17.01 / (1 + 3.28) ^ 5) = 79.59
Price = (Terminal Value + Company Value) / Count shares = (305.78 + 79.59) / 2560400000 = 150.51