NYSE: SKT - Tanger Factory Outlet Centers, 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 = 0.9307
CAGR EPS = -0.3379%
Key Rate = 0.0458
Excess Key Rate = 2
Price = 0.9307 * (1 + -0.3379%) / (0.0458 * 2) = 10.13

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 = 1.09
g = -0.0183
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) = 2.75
β = 3.32
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.75 + 3.32 * 5.94 + 0 = 0.2249
Price = (1.09 * (1 + -0.0183)) / (0.2249 - -0.0183) = 4.38

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) = 0.2217
Ebitda Yield = -0.018
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 = 0.0479
Debt = 1.44
Market Cap = 2.48
Weight Debt = Market Cap / (Market Cap + Debt) = 2.48 / (2.48 + 1.44) = 0.6328
Weight Cost Debt = 100% - 0.6328 = 0.3672
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) = 2.75
β = 3.32
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.75 + 3.32 * 5.94 + 0 = 0.2249
WACC = (0.0479 / 1.44) * (100% - 0.6328) * (1 - 0.21) + 0.2249 + 0.6328 = 2.76
Terminal Value = Discount (0.2217 * (1 + -0.018) / (2.76 - -0.018)) = 4.18
Company Value = ∑ (0.2217 / (1 + 2.76) ^ 5) = 1.06
Price = (Terminal Value + Company Value) / Count shares = (4.18 + 1.06) / 106530000 = 49.16

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) = 0.2372
FCF Yield = 0.0065
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 = 0.0479
Debt = 1.44
Market Cap = 2.48
Weight Debt = Market Cap / (Market Cap + Debt) = 2.48 / (2.48 + 1.44) = 0.6328
Weight Cost Debt = 100% - 0.6328 = 0.3672
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) = 2.75
β = 3.32
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.75 + 3.32 * 5.94 + 0 = 0.2249
WACC = (0.0479 / 1.44) * (100% - 0.6328) * (1 - 0.21) + 0.2249 + 0.6328 = 2.76
Terminal Value = Discount (0.2372 * (1 + 0.0065) / (2.76 - 0.0065)) = 9.89
Company Value = ∑ (0.2372 / (1 + 2.76) ^ 5) = 1.08
Price = (Terminal Value + Company Value) / Count shares = (9.89 + 1.08) / 106530000 = 102.99