NYSE: PBF - PBF Energy

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 = 16.4
CAGR EPS = 44.32%
Key Rate = 0.0458
Excess Key Rate = 2
Price = 39.14 + (39.14 * 44.32% / 100) = 56.49

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 = 1.28
g = 0.0673
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 = -3.67
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.6 + -3.67 * 5.94 + 0 = -0.1922
Price = (1.28 * (1 + 0.0673)) / (-0.1922 - 0.0673) = 5.24

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) = 8.2
Ebitda Yield = 0.2624
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 = 0.102
Debt = 1.39
Market Cap = 5.98
Weight Debt = Market Cap / (Market Cap + Debt) = 5.98 / (5.98 + 1.39) = 0.8115
Weight Cost Debt = 100% - 0.8115 = 0.1885
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 = -3.67
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.6 + -3.67 * 5.94 + 0 = -0.1922
WACC = (0.102 / 1.39) * (100% - 0.8115) * (1 - 0.21) + -0.1922 + 0.8115 = 5.6
Terminal Value = Discount (8.2 * (1 + 0.2624) / (5.6 - 0.2624)) = 38.2
Company Value = ∑ (8.2 / (1 + 5.6) ^ 5) = 22.56
Price = (Terminal Value + Company Value) / Count shares = (38.2 + 22.56) / 130509999 = 465.53

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) = 0.8253
FCF Yield = 0.0405
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 = 0.102
Debt = 1.39
Market Cap = 5.98
Weight Debt = Market Cap / (Market Cap + Debt) = 5.98 / (5.98 + 1.39) = 0.8115
Weight Cost Debt = 100% - 0.8115 = 0.1885
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 = -3.67
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.6 + -3.67 * 5.94 + 0 = -0.1922
WACC = (0.102 / 1.39) * (100% - 0.8115) * (1 - 0.21) + -0.1922 + 0.8115 = 5.6
Terminal Value = Discount (0.8253 * (1 + 0.0405) / (5.6 - 0.0405)) = 42.31
Company Value = ∑ (0.8253 / (1 + 5.6) ^ 5) = 3.24
Price = (Terminal Value + Company Value) / Count shares = (42.31 + 3.24) / 130509999 = 349