NYSE: MNR - Monmouth Real Estate Investment 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 = 0.6499
CAGR EPS = 35.24%
Key Rate = 0.0458
Excess Key Rate = 2
Price = 0.6499 * (1 + 35.24%) / (0.0458 * 2) = 9.6

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 = 2.6
g = 1.08
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 = -0.9016
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.75 + -0.9016 * 5.94 + 0 = -0.0261
Price = (2.6 * (1 + 1.08)) / (-0.0261 - 1.08) = 4.9

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) = 1.66
Ebitda Yield = 0.2734
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 = 0.0385
Debt = 1.11
Market Cap = 2.07
Weight Debt = Market Cap / (Market Cap + Debt) = 2.07 / (2.07 + 1.11) = 0.6509
Weight Cost Debt = 100% - 0.6509 = 0.3491
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 = -0.9016
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.75 + -0.9016 * 5.94 + 0 = -0.0261
WACC = (0.0385 / 1.11) * (100% - 0.6509) * (1 - 0.21) + -0.0261 + 0.6509 = 2.71
Terminal Value = Discount (1.66 * (1 + 0.2734) / (2.71 - 0.2734)) = 7.5
Company Value = ∑ (1.66 / (1 + 2.71) ^ 5) = 4.94
Price = (Terminal Value + Company Value) / Count shares = (7.5 + 4.94) / 98480000 = 126.37

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) = -4.31
FCF Yield = 0.4945
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 = 0.0385
Debt = 1.11
Market Cap = 2.07
Weight Debt = Market Cap / (Market Cap + Debt) = 2.07 / (2.07 + 1.11) = 0.6509
Weight Cost Debt = 100% - 0.6509 = 0.3491
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 = -0.9016
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.75 + -0.9016 * 5.94 + 0 = -0.0261
WACC = (0.0385 / 1.11) * (100% - 0.6509) * (1 - 0.21) + -0.0261 + 0.6509 = 2.71
Terminal Value = Discount (-4.31 * (1 + 0.4945) / (2.71 - 0.4945)) = -12.05
Company Value = ∑ (-4.31 / (1 + 2.71) ^ 5) = -10.21
Price = (Terminal Value + Company Value) / Count shares = (-12.05 + -10.21) / 98480000 = -226.03