NYSE: PKG - Packaging Corporation of America

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 = 8.55
CAGR EPS = 2.93%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 8.55 * (1 + 2.93%) / (0.0433 * 2) = 101.62

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 = 6.25
g = 0.174
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) = 2.82
β = 2.84
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + 2.84 * 5.94 + 0 = 0.1968
Price = (6.25 * (1 + 0.174)) / (0.1968 - 0.174) = 321.91

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) = 2.21
Ebitda Yield = 0.0687
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 = 0.0614
Debt = 2.95
Market Cap = 13.22
Weight Debt = Market Cap / (Market Cap + Debt) = 13.22 / (13.22 + 2.95) = 0.8174
Weight Cost Debt = 100% - 0.8174 = 0.1826
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) = 2.82
β = 2.84
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + 2.84 * 5.94 + 0 = 0.1968
WACC = (0.0614 / 2.95) * (100% - 0.8174) * (1 - 0.21) + 0.1968 + 0.8174 = 1.79
Terminal Value = Discount (2.21 * (1 + 0.0687) / (1.79 - 0.0687)) = 42.55
Company Value = ∑ (2.21 / (1 + 1.79) ^ 5) = 9.19
Price = (Terminal Value + Company Value) / Count shares = (42.55 + 9.19) / 89500000 = 578.15

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) = 0.8767
FCF Yield = 0.0073
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 = 0.0614
Debt = 2.95
Market Cap = 13.22
Weight Debt = Market Cap / (Market Cap + Debt) = 13.22 / (13.22 + 2.95) = 0.8174
Weight Cost Debt = 100% - 0.8174 = 0.1826
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) = 2.82
β = 2.84
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + 2.84 * 5.94 + 0 = 0.1968
WACC = (0.0614 / 2.95) * (100% - 0.8174) * (1 - 0.21) + 0.1968 + 0.8174 = 1.79
Terminal Value = Discount (0.8767 * (1 + 0.0073) / (1.79 - 0.0073)) = 76.15
Company Value = ∑ (0.8767 / (1 + 1.79) ^ 5) = 4.1
Price = (Terminal Value + Company Value) / Count shares = (76.15 + 4.1) / 89500000 = 896.65