NYSE: MMC - Marsh & McLennan

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 = 7.53
CAGR EPS = 17.16%
Key Rate = 0.0458
Excess Key Rate = 2
Price = 7.53 * (1 + 17.16%) / (0.0458 * 2) = 96.27

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 = 3.05
g = 0.1068
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 = 0.6831
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.6 + 0.6831 * 5.94 + 0 = 0.0666
Price = (3.05 * (1 + 0.1068)) / (0.0666 - 0.1068) = 83.98

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) = 7.15
Ebitda Yield = 0.0623
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 = 0.578
Debt = 13.78
Market Cap = 93.28
Weight Debt = Market Cap / (Market Cap + Debt) = 93.28 / (93.28 + 13.78) = 0.8713
Weight Cost Debt = 100% - 0.8713 = 0.1287
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 = 0.6831
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.6 + 0.6831 * 5.94 + 0 = 0.0666
WACC = (0.578 / 13.78) * (100% - 0.8713) * (1 - 0.21) + 0.0666 + 0.8713 = 3.34
Terminal Value = Discount (7.15 * (1 + 0.0623) / (3.34 - 0.0623)) = 223
Company Value = ∑ (7.15 / (1 + 3.34) ^ 5) = 28.71
Price = (Terminal Value + Company Value) / Count shares = (223 + 28.71) / 499000000 = 504.43

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) = 6.69
FCF Yield = 0.1172
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 = 0.578
Debt = 13.78
Market Cap = 93.28
Weight Debt = Market Cap / (Market Cap + Debt) = 93.28 / (93.28 + 13.78) = 0.8713
Weight Cost Debt = 100% - 0.8713 = 0.1287
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 = 0.6831
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.6 + 0.6831 * 5.94 + 0 = 0.0666
WACC = (0.578 / 13.78) * (100% - 0.8713) * (1 - 0.21) + 0.0666 + 0.8713 = 3.34
Terminal Value = Discount (6.69 * (1 + 0.1172) / (3.34 - 0.1172)) = 75.69
Company Value = ∑ (6.69 / (1 + 3.34) ^ 5) = 24.41
Price = (Terminal Value + Company Value) / Count shares = (75.69 + 24.41) / 499000000 = 200.6