NYSE: LEN - Lennar Corporation

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 = 13.9
CAGR EPS = 19.06%
Key Rate = 0.0458
Excess Key Rate = 2
Price = 142.28 + (142.28 * 19.06% / 100) = 169.4

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 = 2
g = 0.2687
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) = 2.6
β = 0.7116
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.6 + 0.7116 * 5.94 + 0 = 0.0683
Price = (2 * (1 + 0.2687)) / (0.0683 - 0.2687) = 12.66

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) = 10.67
Ebitda Yield = 0.1406
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 = 0.2579
Debt = 5.37
Market Cap = 33.26
Weight Debt = Market Cap / (Market Cap + Debt) = 33.26 / (33.26 + 5.37) = 0.861
Weight Cost Debt = 100% - 0.861 = 0.139
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) = 2.6
β = 0.7116
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.6 + 0.7116 * 5.94 + 0 = 0.0683
WACC = (0.2579 / 5.37) * (100% - 0.861) * (1 - 0.21) + 0.0683 + 0.861 = 3.82
Terminal Value = Discount (10.67 * (1 + 0.1406) / (3.82 - 0.1406)) = 98.54
Company Value = ∑ (10.67 / (1 + 3.82) ^ 5) = 36.98
Price = (Terminal Value + Company Value) / Count shares = (98.54 + 36.98) / 283320000 = 478.31

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) = 14.61
FCF Yield = 0.2352
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 = 0.2579
Debt = 5.37
Market Cap = 33.26
Weight Debt = Market Cap / (Market Cap + Debt) = 33.26 / (33.26 + 5.37) = 0.861
Weight Cost Debt = 100% - 0.861 = 0.139
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) = 2.6
β = 0.7116
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.6 + 0.7116 * 5.94 + 0 = 0.0683
WACC = (0.2579 / 5.37) * (100% - 0.861) * (1 - 0.21) + 0.0683 + 0.861 = 3.82
Terminal Value = Discount (14.61 * (1 + 0.2352) / (3.82 - 0.2352)) = 75.93
Company Value = ∑ (14.61 / (1 + 3.82) ^ 5) = 44.08
Price = (Terminal Value + Company Value) / Count shares = (75.93 + 44.08) / 283320000 = 423.59