NYSE: NYT - The New York Times Company

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 = 1.4
CAGR EPS = 10.92%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 1.4 * (1 + 10.92%) / (0.0433 * 2) = 17.97

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 = 0.52
g = 0.1576
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) = 3
β = -1.11
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 3 + -1.11 * 5.94 + 0 = -0.0362
Price = (0.52 * (1 + 0.1576)) / (-0.0362 - 0.1576) = 3.11

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) = 0.6208
Ebitda Yield = 0.0925
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 = 0.001
Debt = 0.053
Market Cap = 7.08
Weight Debt = Market Cap / (Market Cap + Debt) = 7.08 / (7.08 + 0.053) = 0.9926
Weight Cost Debt = 100% - 0.9926 = 0.0074
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) = 3
β = -1.11
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 3 + -1.11 * 5.94 + 0 = -0.0362
WACC = (0.001 / 0.053) * (100% - 0.9926) * (1 - 0.21) + -0.0362 + 0.9926 = 1.46
Terminal Value = Discount (0.6208 * (1 + 0.0925) / (1.46 - 0.0925)) = 8.1
Company Value = ∑ (0.6208 / (1 + 1.46) ^ 5) = 2.5
Price = (Terminal Value + Company Value) / Count shares = (8.1 + 2.5) / 165660000 = 64.02

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) = 0.6743
FCF Yield = 0.1482
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 = 0.001
Debt = 0.053
Market Cap = 7.08
Weight Debt = Market Cap / (Market Cap + Debt) = 7.08 / (7.08 + 0.053) = 0.9926
Weight Cost Debt = 100% - 0.9926 = 0.0074
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) = 3
β = -1.11
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 3 + -1.11 * 5.94 + 0 = -0.0362
WACC = (0.001 / 0.053) * (100% - 0.9926) * (1 - 0.21) + -0.0362 + 0.9926 = 1.46
Terminal Value = Discount (0.6743 * (1 + 0.1482) / (1.46 - 0.1482)) = 5.39
Company Value = ∑ (0.6743 / (1 + 1.46) ^ 5) = 2.49
Price = (Terminal Value + Company Value) / Count shares = (5.39 + 2.49) / 165660000 = 47.55