NYSE: LNC - Lincoln National

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 = -4.43
CAGR EPS = 9.16%
Key Rate = 0.0458
Excess Key Rate = 2
Price = 30.04 + (30.04 * 9.16% / 100) = 32.79

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 = 1.8
g = 0.6209
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 = 1.65
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.6 + 1.65 * 5.94 + 0 = 0.1241
Price = (1.8 * (1 + 0.6209)) / (0.1241 - 0.6209) = 5.87

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) = 0.003
Ebitda Yield = -0.4014
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 = 0.331
Debt = 5.95
Market Cap = 4.37
Weight Debt = Market Cap / (Market Cap + Debt) = 4.37 / (4.37 + 5.95) = 0.4235
Weight Cost Debt = 100% - 0.4235 = 0.5765
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 = 1.65
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.6 + 1.65 * 5.94 + 0 = 0.1241
WACC = (0.331 / 5.95) * (100% - 0.4235) * (1 - 0.21) + 0.1241 + 0.4235 = 4.43
Terminal Value = Discount (0.003 * (1 + -0.4014) / (4.43 - -0.4014)) = 0.0032
Company Value = ∑ (0.003 / (1 + 4.43) ^ 5) = 0.0491
Price = (Terminal Value + Company Value) / Count shares = (0.0032 + 0.0491) / 169560000 = 0.3089

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) = -1.69
FCF Yield = -0.0405
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 = 0.331
Debt = 5.95
Market Cap = 4.37
Weight Debt = Market Cap / (Market Cap + Debt) = 4.37 / (4.37 + 5.95) = 0.4235
Weight Cost Debt = 100% - 0.4235 = 0.5765
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 = 1.65
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.6 + 1.65 * 5.94 + 0 = 0.1241
WACC = (0.331 / 5.95) * (100% - 0.4235) * (1 - 0.21) + 0.1241 + 0.4235 = 4.43
Terminal Value = Discount (-1.69 * (1 + -0.0405) / (4.43 - -0.0405)) = -15.35
Company Value = ∑ (-1.69 / (1 + 4.43) ^ 5) = -8.1
Price = (Terminal Value + Company Value) / Count shares = (-15.35 + -8.1) / 169560000 = -138.33