NYSE: MTH - Meritage Homes Corporation

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 = 19.93
CAGR EPS = 25.43%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 177.37 + (177.37 * 25.43% / 100) = 222.47

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 = 2.52
g = 0.4221
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 = -0.765
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.75 + -0.765 * 5.94 + 0 = -0.0179
Price = (2.52 * (1 + 0.4221)) / (-0.0179 - 0.4221) = 8.14

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) = 3.7
Ebitda Yield = 0.2383
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 = 4.1E-5
Debt = 1.06
Market Cap = 4.96
Weight Debt = Market Cap / (Market Cap + Debt) = 4.96 / (4.96 + 1.06) = 0.8236
Weight Cost Debt = 100% - 0.8236 = 0.1764
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 = -0.765
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.75 + -0.765 * 5.94 + 0 = -0.0179
WACC = (4.1E-5 / 1.06) * (100% - 0.8236) * (1 - 0.21) + -0.0179 + 0.8236 = -0.0118
Terminal Value = Discount (3.7 * (1 + 0.2383) / (-0.0118 - 0.2383)) = 19.22
Company Value = ∑ (3.7 / (1 + -0.0118) ^ 5) = 12.63
Price = (Terminal Value + Company Value) / Count shares = (19.22 + 12.63) / 37070000 = 859.15

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) = 0.3134
FCF Yield = -0.0025
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 = 4.1E-5
Debt = 1.06
Market Cap = 4.96
Weight Debt = Market Cap / (Market Cap + Debt) = 4.96 / (4.96 + 1.06) = 0.8236
Weight Cost Debt = 100% - 0.8236 = 0.1764
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 = -0.765
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.75 + -0.765 * 5.94 + 0 = -0.0179
WACC = (4.1E-5 / 1.06) * (100% - 0.8236) * (1 - 0.21) + -0.0179 + 0.8236 = -0.0118
Terminal Value = Discount (0.3134 * (1 + -0.0025) / (-0.0118 - -0.0025)) = 130.92
Company Value = ∑ (0.3134 / (1 + -0.0118) ^ 5) = 1.58
Price = (Terminal Value + Company Value) / Count shares = (130.92 + 1.58) / 37070000 = 3574.08