NYSE: LYV - Live Nation Entertainment, Inc.

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 = 3.79
CAGR EPS = 19.53%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 3.79 * (1 + 19.53%) / (0.0433 * 2) = 52.34

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) = 3.58
Ebitda Yield = 0.2102
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 = 0.326
Debt = 2.09
Market Cap = 19.42
Weight Debt = Market Cap / (Market Cap + Debt) = 19.42 / (19.42 + 2.09) = 0.9026
Weight Cost Debt = 100% - 0.9026 = 0.0974
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 = 1.9
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + 1.9 * 5.94 + 0 = 0.1413
WACC = (0.326 / 2.09) * (100% - 0.9026) * (1 - 0.21) + 0.1413 + 0.9026 = 12.31
Terminal Value = Discount (3.58 * (1 + 0.2102) / (12.31 - 0.2102)) = 27.86
Company Value = ∑ (3.58 / (1 + 12.31) ^ 5) = 8.68
Price = (Terminal Value + Company Value) / Count shares = (27.86 + 8.68) / 236350000 = 154.64

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) = 2.52
FCF Yield = 0.1846
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 = 0.326
Debt = 2.09
Market Cap = 19.42
Weight Debt = Market Cap / (Market Cap + Debt) = 19.42 / (19.42 + 2.09) = 0.9026
Weight Cost Debt = 100% - 0.9026 = 0.0974
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 = 1.9
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + 1.9 * 5.94 + 0 = 0.1413
WACC = (0.326 / 2.09) * (100% - 0.9026) * (1 - 0.21) + 0.1413 + 0.9026 = 12.31
Terminal Value = Discount (2.52 * (1 + 0.1846) / (12.31 - 0.1846)) = 27.14
Company Value = ∑ (2.52 / (1 + 12.31) ^ 5) = 6.35
Price = (Terminal Value + Company Value) / Count shares = (27.14 + 6.35) / 236350000 = 141.66