NYSE: PRI - Primerica, Inc.

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 = 16
CAGR EPS = 13.17%
Key Rate = 0.0458
Excess Key Rate = 2
Price = 16 * (1 + 13.17%) / (0.0458 * 2) = 197.74

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 = 3.05
g = -0.2527
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 = 4.91
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.6 + 4.91 * 5.94 + 0 = 0.3175
Price = (3.05 * (1 + -0.2527)) / (0.3175 - -0.2527) = 4

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) = 0.0037
Ebitda Yield = -0.3508
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 = 0.0266
Debt = 1.99
Market Cap = 7.23
Weight Debt = Market Cap / (Market Cap + Debt) = 7.23 / (7.23 + 1.99) = 0.7845
Weight Cost Debt = 100% - 0.7845 = 0.2155
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 = 4.91
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.6 + 4.91 * 5.94 + 0 = 0.3175
WACC = (0.0266 / 1.99) * (100% - 0.7845) * (1 - 0.21) + 0.3175 + 0.7845 = 1.3
Terminal Value = Discount (0.0037 * (1 + -0.3508) / (1.3 - -0.3508)) = 0.0062
Company Value = ∑ (0.0037 / (1 + 1.3) ^ 5) = 0.0509
Price = (Terminal Value + Company Value) / Count shares = (0.0062 + 0.0509) / 36030000 = 1.58

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) = 0.8793
FCF Yield = 0.0595
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 = 0.0266
Debt = 1.99
Market Cap = 7.23
Weight Debt = Market Cap / (Market Cap + Debt) = 7.23 / (7.23 + 1.99) = 0.7845
Weight Cost Debt = 100% - 0.7845 = 0.2155
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 = 4.91
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.6 + 4.91 * 5.94 + 0 = 0.3175
WACC = (0.0266 / 1.99) * (100% - 0.7845) * (1 - 0.21) + 0.3175 + 0.7845 = 1.3
Terminal Value = Discount (0.8793 * (1 + 0.0595) / (1.3 - 0.0595)) = 18.77
Company Value = ∑ (0.8793 / (1 + 1.3) ^ 5) = 3.78
Price = (Terminal Value + Company Value) / Count shares = (18.77 + 3.78) / 36030000 = 625.87