NYSE: KEYS - Keysight Technologies

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 = 3.51
CAGR EPS = 1.11%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 3.51 * (1 + 1.11%) / (0.0433 * 2) = 40.96

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) = 1.07
Ebitda Yield = -0.0078
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 = 0.084
Debt = 2.03
Market Cap = 23
Weight Debt = Market Cap / (Market Cap + Debt) = 23 / (23 + 2.03) = 0.9189
Weight Cost Debt = 100% - 0.9189 = 0.0811
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 = -0.7445
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + -0.7445 * 5.94 + 0 = -0.016
WACC = (0.084 / 2.03) * (100% - 0.9189) * (1 - 0.21) + -0.016 + 0.9189 = 3.22
Terminal Value = Discount (1.07 * (1 + -0.0078) / (3.22 - -0.0078)) = 22.64
Company Value = ∑ (1.07 / (1 + 3.22) ^ 5) = 4.95
Price = (Terminal Value + Company Value) / Count shares = (22.64 + 4.95) / 175000000 = 157.7

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) = 0.8972
FCF Yield = -0.000178
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 = 0.084
Debt = 2.03
Market Cap = 23
Weight Debt = Market Cap / (Market Cap + Debt) = 23 / (23 + 2.03) = 0.9189
Weight Cost Debt = 100% - 0.9189 = 0.0811
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 = -0.7445
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + -0.7445 * 5.94 + 0 = -0.016
WACC = (0.084 / 2.03) * (100% - 0.9189) * (1 - 0.21) + -0.016 + 0.9189 = 3.22
Terminal Value = Discount (0.8972 * (1 + -0.000178) / (3.22 - -0.000178)) = 23.61
Company Value = ∑ (0.8972 / (1 + 3.22) ^ 5) = 4.08
Price = (Terminal Value + Company Value) / Count shares = (23.61 + 4.08) / 175000000 = 158.25