NYSE: MCO - Moody's Corporation

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 = 8.73
CAGR EPS = 3.31%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 8.73 * (1 + 3.31%) / (0.0433 * 2) = 104.19

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 = 3.4
g = 0.0485
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) = 2.75
β = 0.2939
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.75 + 0.2939 * 5.94 + 0 = 0.045
Price = (3.4 * (1 + 0.0485)) / (0.045 - 0.0485) = 1017.09

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) = 2.85
Ebitda Yield = 0.0181
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 = 0.207
Debt = 7.42
Market Cap = 59.99
Weight Debt = Market Cap / (Market Cap + Debt) = 59.99 / (59.99 + 7.42) = 0.89
Weight Cost Debt = 100% - 0.89 = 0.11
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) = 2.75
β = 0.2939
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.75 + 0.2939 * 5.94 + 0 = 0.045
WACC = (0.207 / 7.42) * (100% - 0.89) * (1 - 0.21) + 0.045 + 0.89 = 2.23
Terminal Value = Discount (2.85 * (1 + 0.0181) / (2.23 - 0.0181)) = 627.37
Company Value = ∑ (2.85 / (1 + 2.23) ^ 5) = 12.87
Price = (Terminal Value + Company Value) / Count shares = (627.37 + 12.87) / 184000000 = 3479.59

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) = 2.13
FCF Yield = 0.0252
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 = 0.207
Debt = 7.42
Market Cap = 59.99
Weight Debt = Market Cap / (Market Cap + Debt) = 59.99 / (59.99 + 7.42) = 0.89
Weight Cost Debt = 100% - 0.89 = 0.11
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) = 2.75
β = 0.2939
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.75 + 0.2939 * 5.94 + 0 = 0.045
WACC = (0.207 / 7.42) * (100% - 0.89) * (1 - 0.21) + 0.045 + 0.89 = 2.23
Terminal Value = Discount (2.13 * (1 + 0.0252) / (2.23 - 0.0252)) = 665.76
Company Value = ∑ (2.13 / (1 + 2.23) ^ 5) = 9.48
Price = (Terminal Value + Company Value) / Count shares = (665.76 + 9.48) / 184000000 = 3669.78