NYSE: LH - Laboratory Corporation of America Holdings

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 = 4.77
CAGR EPS = -10.59%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 4.77 * (1 + -10.59%) / (0.0433 * 2) = 49.27

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 = 2.88
g = 0.0309
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 = -1.17
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.75 + -1.17 * 5.94 + 0 = -0.0419
Price = (2.88 * (1 + 0.0309)) / (-0.0419 - 0.0309) = 40.78

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) = 0.9945
Ebitda Yield = -0.0587
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 = 0.1996
Debt = 5.23
Market Cap = 19
Weight Debt = Market Cap / (Market Cap + Debt) = 19 / (19 + 5.23) = 0.7843
Weight Cost Debt = 100% - 0.7843 = 0.2157
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 = -1.17
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.75 + -1.17 * 5.94 + 0 = -0.0419
WACC = (0.1996 / 5.23) * (100% - 0.7843) * (1 - 0.21) + -0.0419 + 0.7843 = 2.96
Terminal Value = Discount (0.9945 * (1 + -0.0587) / (2.96 - -0.0587)) = 9.16
Company Value = ∑ (0.9945 / (1 + 2.96) ^ 5) = 5.18
Price = (Terminal Value + Company Value) / Count shares = (9.16 + 5.18) / 87600000 = 163.76

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) = 0.761
FCF Yield = -0.0273
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 = 0.1996
Debt = 5.23
Market Cap = 19
Weight Debt = Market Cap / (Market Cap + Debt) = 19 / (19 + 5.23) = 0.7843
Weight Cost Debt = 100% - 0.7843 = 0.2157
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 = -1.17
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.75 + -1.17 * 5.94 + 0 = -0.0419
WACC = (0.1996 / 5.23) * (100% - 0.7843) * (1 - 0.21) + -0.0419 + 0.7843 = 2.96
Terminal Value = Discount (0.761 * (1 + -0.0273) / (2.96 - -0.0273)) = 11.24
Company Value = ∑ (0.761 / (1 + 2.96) ^ 5) = 3.7
Price = (Terminal Value + Company Value) / Count shares = (11.24 + 3.7) / 87600000 = 170.48