NYSE: KW - Kennedy-Wilson Holdings, Inc.

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 = -2.19
CAGR EPS = 8.66%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 8.68 + (8.68 * 8.66% / 100) = 9.43

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 = 0.6
g = 0.0584
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) = 3
β = -0.9372
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 3 + -0.9372 * 5.94 + 0 = -0.0257
Price = (0.6 * (1 + 0.0584)) / (-0.0257 - 0.0584) = 7.55

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) = 0.1468
Ebitda Yield = -0.071
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 = 0.2592
Debt = 5.64
Market Cap = 2.15
Weight Debt = Market Cap / (Market Cap + Debt) = 2.15 / (2.15 + 5.64) = 0.276
Weight Cost Debt = 100% - 0.276 = 0.724
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) = 3
β = -0.9372
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 3 + -0.9372 * 5.94 + 0 = -0.0257
WACC = (0.2592 / 5.64) * (100% - 0.276) * (1 - 0.21) + -0.0257 + 0.276 = 3.61
Terminal Value = Discount (0.1468 * (1 + -0.071) / (3.61 - -0.071)) = 1.07
Company Value = ∑ (0.1468 / (1 + 3.61) ^ 5) = 0.7735
Price = (Terminal Value + Company Value) / Count shares = (1.07 + 0.7735) / 138930000 = 13.24

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) = -0.1408
FCF Yield = -0.0351
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 = 0.2592
Debt = 5.64
Market Cap = 2.15
Weight Debt = Market Cap / (Market Cap + Debt) = 2.15 / (2.15 + 5.64) = 0.276
Weight Cost Debt = 100% - 0.276 = 0.724
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) = 3
β = -0.9372
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 3 + -0.9372 * 5.94 + 0 = -0.0257
WACC = (0.2592 / 5.64) * (100% - 0.276) * (1 - 0.21) + -0.0257 + 0.276 = 3.61
Terminal Value = Discount (-0.1408 * (1 + -0.0351) / (3.61 - -0.0351)) = -1.6
Company Value = ∑ (-0.1408 / (1 + 3.61) ^ 5) = -0.6831
Price = (Terminal Value + Company Value) / Count shares = (-1.6 + -0.6831) / 138930000 = -16.41