NYSE: LII - Lennox International

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 = 22.54
CAGR EPS = 19.52%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 22.54 * (1 + 19.52%) / (0.0433 * 2) = 311.08

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 = 4.55
g = 0.1756
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 = 1.1
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + 1.1 * 5.94 + 0 = 0.0935
Price = (4.55 * (1 + 0.1756)) / (0.0935 - 0.1756) = 65.2

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) = 1.73
Ebitda Yield = 0.1085
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 = 0.0387
Debt = 1.33
Market Cap = 12.38
Weight Debt = Market Cap / (Market Cap + Debt) = 12.38 / (12.38 + 1.33) = 0.903
Weight Cost Debt = 100% - 0.903 = 0.097
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 = 1.1
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + 1.1 * 5.94 + 0 = 0.0935
WACC = (0.0387 / 1.33) * (100% - 0.903) * (1 - 0.21) + 0.0935 + 0.903 = 2.36
Terminal Value = Discount (1.73 * (1 + 0.1085) / (2.36 - 0.1085)) = 20.13
Company Value = ∑ (1.73 / (1 + 2.36) ^ 5) = 6.61
Price = (Terminal Value + Company Value) / Count shares = (20.13 + 6.61) / 35800000 = 747.05

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) = 1.07
FCF Yield = 0.0638
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 = 0.0387
Debt = 1.33
Market Cap = 12.38
Weight Debt = Market Cap / (Market Cap + Debt) = 12.38 / (12.38 + 1.33) = 0.903
Weight Cost Debt = 100% - 0.903 = 0.097
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 = 1.1
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + 1.1 * 5.94 + 0 = 0.0935
WACC = (0.0387 / 1.33) * (100% - 0.903) * (1 - 0.21) + 0.0935 + 0.903 = 2.36
Terminal Value = Discount (1.07 * (1 + 0.0638) / (2.36 - 0.0638)) = 25.12
Company Value = ∑ (1.07 / (1 + 2.36) ^ 5) = 4.4
Price = (Terminal Value + Company Value) / Count shares = (25.12 + 4.4) / 35800000 = 824.46