NYSE: MGM - MGM Resorts International

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 = 3.18
CAGR EPS = 8.66%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 37.25 + (37.25 * 8.66% / 100) = 40.48

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) = 1.64
Ebitda Yield = -0.098
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 = 0.4603
Debt = 6.49
Market Cap = 14.93
Weight Debt = Market Cap / (Market Cap + Debt) = 14.93 / (14.93 + 6.49) = 0.6971
Weight Cost Debt = 100% - 0.6971 = 0.3029
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 = 2.51
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + 2.51 * 5.94 + 0 = 0.1773
WACC = (0.4603 / 6.49) * (100% - 0.6971) * (1 - 0.21) + 0.1773 + 0.6971 = 5.69
Terminal Value = Discount (1.64 * (1 + -0.098) / (5.69 - -0.098)) = 7.24
Company Value = ∑ (1.64 / (1 + 5.69) ^ 5) = 8.75
Price = (Terminal Value + Company Value) / Count shares = (7.24 + 8.75) / 358630000 = 44.61

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) = 2.63
FCF Yield = 0.0836
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 = 0.4603
Debt = 6.49
Market Cap = 14.93
Weight Debt = Market Cap / (Market Cap + Debt) = 14.93 / (14.93 + 6.49) = 0.6971
Weight Cost Debt = 100% - 0.6971 = 0.3029
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 = 2.51
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + 2.51 * 5.94 + 0 = 0.1773
WACC = (0.4603 / 6.49) * (100% - 0.6971) * (1 - 0.21) + 0.1773 + 0.6971 = 5.69
Terminal Value = Discount (2.63 * (1 + 0.0836) / (5.69 - 0.0836)) = 80.8
Company Value = ∑ (2.63 / (1 + 5.69) ^ 5) = 9.48
Price = (Terminal Value + Company Value) / Count shares = (80.8 + 9.48) / 358630000 = 251.75