NYSE: MA - Mastercard

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 = 11.83
CAGR EPS = 8.31%
Key Rate = 0.0458
Excess Key Rate = 2
Price = 11.83 * (1 + 8.31%) / (0.0458 * 2) = 139.93

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 = 2.64
g = 0.1194
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 = 2.1
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.6 + 2.1 * 5.94 + 0 = 0.1505
Price = (2.64 * (1 + 0.1194)) / (0.1505 - 0.1194) = 94.96

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) = 21.32
Ebitda Yield = 0.0679
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 = 0.575
Debt = 15.68
Market Cap = 369.51
Weight Debt = Market Cap / (Market Cap + Debt) = 369.51 / (369.51 + 15.68) = 0.9593
Weight Cost Debt = 100% - 0.9593 = 0.0407
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 = 2.1
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.6 + 2.1 * 5.94 + 0 = 0.1505
WACC = (0.575 / 15.68) * (100% - 0.9593) * (1 - 0.21) + 0.1505 + 0.9593 = 3.01
Terminal Value = Discount (21.32 * (1 + 0.0679) / (3.01 - 0.0679)) = 519.23
Company Value = ∑ (21.32 / (1 + 3.01) ^ 5) = 85.6
Price = (Terminal Value + Company Value) / Count shares = (519.23 + 85.6) / 946000000 = 639.35

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) = 16.59
FCF Yield = 0.074
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 = 0.575
Debt = 15.68
Market Cap = 369.51
Weight Debt = Market Cap / (Market Cap + Debt) = 369.51 / (369.51 + 15.68) = 0.9593
Weight Cost Debt = 100% - 0.9593 = 0.0407
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 = 2.1
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.6 + 2.1 * 5.94 + 0 = 0.1505
WACC = (0.575 / 15.68) * (100% - 0.9593) * (1 - 0.21) + 0.1505 + 0.9593 = 3.01
Terminal Value = Discount (16.59 * (1 + 0.074) / (3.01 - 0.074)) = 350.25
Company Value = ∑ (16.59 / (1 + 3.01) ^ 5) = 65.89
Price = (Terminal Value + Company Value) / Count shares = (350.25 + 65.89) / 946000000 = 439.9