NYSE: KEY - KeyCorp

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 = 1.04
CAGR EPS = -9.52%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 1.04 * (1 + -9.52%) / (0.0433 * 2) = 10.83

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 = 0.82
g = -0.1147
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 = 0.9436
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.89 + 0.9436 * 5.94 + 0 = 0.0849
Price = (0.82 * (1 + -0.1147)) / (0.0849 - -0.1147) = 3.64

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) = 0.5637
Ebitda Yield = -0.1471
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 = 1.61
Debt = 22.64
Market Cap = 10.14
Weight Debt = Market Cap / (Market Cap + Debt) = 10.14 / (10.14 + 22.64) = 0.3093
Weight Cost Debt = 100% - 0.3093 = 0.6907
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 = 0.9436
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.89 + 0.9436 * 5.94 + 0 = 0.0849
WACC = (1.61 / 22.64) * (100% - 0.3093) * (1 - 0.21) + 0.0849 + 0.3093 = 5.64
Terminal Value = Discount (0.5637 * (1 + -0.1471) / (5.64 - -0.1471)) = 1.8
Company Value = ∑ (0.5637 / (1 + 5.64) ^ 5) = 3.44
Price = (Terminal Value + Company Value) / Count shares = (1.8 + 3.44) / 932760000 = 5.61

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) = 2.71
FCF Yield = -0.0034
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 = 1.61
Debt = 22.64
Market Cap = 10.14
Weight Debt = Market Cap / (Market Cap + Debt) = 10.14 / (10.14 + 22.64) = 0.3093
Weight Cost Debt = 100% - 0.3093 = 0.6907
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 = 0.9436
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.89 + 0.9436 * 5.94 + 0 = 0.0849
WACC = (1.61 / 22.64) * (100% - 0.3093) * (1 - 0.21) + 0.0849 + 0.3093 = 5.64
Terminal Value = Discount (2.71 * (1 + -0.0034) / (5.64 - -0.0034)) = 34.42
Company Value = ∑ (2.71 / (1 + 5.64) ^ 5) = 11.63
Price = (Terminal Value + Company Value) / Count shares = (34.42 + 11.63) / 932760000 = 49.37