NYSE: SCHW - Charles Schwab

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 = 2.77
CAGR EPS = -0.3055%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 2.77 * (1 + -0.3055%) / (0.0433 * 2) = 31.86

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 = 1.02
g = 0.1888
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 = 0.4127
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + 0.4127 * 5.94 + 0 = 0.0527
Price = (1.02 * (1 + 0.1888)) / (0.0527 - 0.1888) = 8.91

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) = 16.27
Ebitda Yield = 0.0891
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 = 2.9
Debt = 36.51
Market Cap = 108.39
Weight Debt = Market Cap / (Market Cap + Debt) = 108.39 / (108.39 + 36.51) = 0.748
Weight Cost Debt = 100% - 0.748 = 0.252
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 = 0.4127
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + 0.4127 * 5.94 + 0 = 0.0527
WACC = (2.9 / 36.51) * (100% - 0.748) * (1 - 0.21) + 0.0527 + 0.748 = 6.27
Terminal Value = Discount (16.27 * (1 + 0.0891) / (6.27 - 0.0891)) = 494.08
Company Value = ∑ (16.27 / (1 + 6.27) ^ 5) = 57.18
Price = (Terminal Value + Company Value) / Count shares = (494.08 + 57.18) / 1831000000 = 301.07

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) = 35.71
FCF Yield = 0.1359
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 = 2.9
Debt = 36.51
Market Cap = 108.39
Weight Debt = Market Cap / (Market Cap + Debt) = 108.39 / (108.39 + 36.51) = 0.748
Weight Cost Debt = 100% - 0.748 = 0.252
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 = 0.4127
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + 0.4127 * 5.94 + 0 = 0.0527
WACC = (2.9 / 36.51) * (100% - 0.748) * (1 - 0.21) + 0.0527 + 0.748 = 6.27
Terminal Value = Discount (35.71 * (1 + 0.1359) / (6.27 - 0.1359)) = 408.87
Company Value = ∑ (35.71 / (1 + 6.27) ^ 5) = 115.84
Price = (Terminal Value + Company Value) / Count shares = (408.87 + 115.84) / 1831000000 = 286.57