NYSE: MAA - Mid-America

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 = 4.74
CAGR EPS = 9.65%
Key Rate = 0.0458
Excess Key Rate = 2
Price = 4.74 * (1 + 9.65%) / (0.0458 * 2) = 56.73

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 = 5.88
g = 0.368
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 = 1.33
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.6 + 1.33 * 5.94 + 0 = 0.1049
Price = (5.88 * (1 + 0.368)) / (0.1049 - 0.368) = 30.58

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
Ebitda Yield = 0.1845
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 = 0.1492
Debt = 5.04
Market Cap = 16.78
Weight Debt = Market Cap / (Market Cap + Debt) = 16.78 / (16.78 + 5.04) = 0.7692
Weight Cost Debt = 100% - 0.7692 = 0.2308
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 = 1.33
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.6 + 1.33 * 5.94 + 0 = 0.1049
WACC = (0.1492 / 5.04) * (100% - 0.7692) * (1 - 0.21) + 0.1049 + 0.7692 = 2.4
Terminal Value = Discount (3 * (1 + 0.1845) / (2.4 - 0.1845)) = 19.65
Company Value = ∑ (3 / (1 + 2.4) ^ 5) = 10.16
Price = (Terminal Value + Company Value) / Count shares = (19.65 + 10.16) / 116650000 = 255.62

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) = 0.7152
FCF Yield = 0.0365
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 = 0.1492
Debt = 5.04
Market Cap = 16.78
Weight Debt = Market Cap / (Market Cap + Debt) = 16.78 / (16.78 + 5.04) = 0.7692
Weight Cost Debt = 100% - 0.7692 = 0.2308
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 = 1.33
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.6 + 1.33 * 5.94 + 0 = 0.1049
WACC = (0.1492 / 5.04) * (100% - 0.7692) * (1 - 0.21) + 0.1049 + 0.7692 = 2.4
Terminal Value = Discount (0.7152 * (1 + 0.0365) / (2.4 - 0.0365)) = 52.86
Company Value = ∑ (0.7152 / (1 + 2.4) ^ 5) = 3.1
Price = (Terminal Value + Company Value) / Count shares = (52.86 + 3.1) / 116650000 = 479.7