NYSE: LOW - Lowe's

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 = 13.23
CAGR EPS = 19.19%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 13.23 * (1 + 19.19%) / (0.0433 * 2) = 182.08

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 = 0.179
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 = 1.81
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + 1.81 * 5.94 + 0 = 0.1356
Price = (4.55 * (1 + 0.179)) / (0.1356 - 0.179) = 123.54

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) = 21.42
Ebitda Yield = 0.0955
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 = 1.48
Debt = 40.15
Market Cap = 128.53
Weight Debt = Market Cap / (Market Cap + Debt) = 128.53 / (128.53 + 40.15) = 0.762
Weight Cost Debt = 100% - 0.762 = 0.238
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 = 1.81
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + 1.81 * 5.94 + 0 = 0.1356
WACC = (1.48 / 40.15) * (100% - 0.762) * (1 - 0.21) + 0.1356 + 0.762 = 3
Terminal Value = Discount (21.42 * (1 + 0.0955) / (3 - 0.0955)) = 308.77
Company Value = ∑ (21.42 / (1 + 3) ^ 5) = 81.96
Price = (Terminal Value + Company Value) / Count shares = (308.77 + 81.96) / 584000000 = 669.06

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) = 11.71
FCF Yield = 0.1365
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 = 1.48
Debt = 40.15
Market Cap = 128.53
Weight Debt = Market Cap / (Market Cap + Debt) = 128.53 / (128.53 + 40.15) = 0.762
Weight Cost Debt = 100% - 0.762 = 0.238
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 = 1.81
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + 1.81 * 5.94 + 0 = 0.1356
WACC = (1.48 / 40.15) * (100% - 0.762) * (1 - 0.21) + 0.1356 + 0.762 = 3
Terminal Value = Discount (11.71 * (1 + 0.1365) / (3 - 0.1365)) = 107.81
Company Value = ∑ (11.71 / (1 + 3) ^ 5) = 41.88
Price = (Terminal Value + Company Value) / Count shares = (107.81 + 41.88) / 584000000 = 256.32