NYSE: MBI - MBIA Inc.

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 = -10.19
CAGR EPS = 18.12%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 6.22 + (6.22 * 18.12% / 100) = 7.35

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 Ebitda(5) * (1 + Ebitda Yield) / (WACC - Ebitda Yield)
Company Value = ∑ (Discount Ebitda / (1 + WACC) ^ 5)
Discount Ebitda(5) = -0.0012
Ebitda Yield = -0.3008
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 = 0.211
Debt = 3.26
Market Cap = 0.4394
Weight Debt = Market Cap / (Market Cap + Debt) = 0.4394 / (0.4394 + 3.26) = 0.1187
Weight Cost Debt = 100% - 0.1187 = 0.8813
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) = 2.89
β = 10.4
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.89 + 10.4 * 5.94 + 0 = 0.6464
WACC = (0.211 / 3.26) * (100% - 0.1187) * (1 - 0.21) + 0.6464 + 0.1187 = 5.18
Terminal Value = Discount (-0.0012 * (1 + -0.3008) / (5.18 - -0.3008)) = -0.0018
Company Value = ∑ (-0.0012 / (1 + 5.18) ^ 5) = -0.0121
Price = (Terminal Value + Company Value) / Count shares = (-0.0018 + -0.0121) / 48210000 = -0.2879

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) = -0.1181
FCF Yield = -0.0954
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 = 0.211
Debt = 3.26
Market Cap = 0.4394
Weight Debt = Market Cap / (Market Cap + Debt) = 0.4394 / (0.4394 + 3.26) = 0.1187
Weight Cost Debt = 100% - 0.1187 = 0.8813
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) = 2.89
β = 10.4
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.89 + 10.4 * 5.94 + 0 = 0.6464
WACC = (0.211 / 3.26) * (100% - 0.1187) * (1 - 0.21) + 0.6464 + 0.1187 = 5.18
Terminal Value = Discount (-0.1181 * (1 + -0.0954) / (5.18 - -0.0954)) = -0.5638
Company Value = ∑ (-0.1181 / (1 + 5.18) ^ 5) = -0.6344
Price = (Terminal Value + Company Value) / Count shares = (-0.5638 + -0.6344) / 48210000 = -24.85