NYSE: SPB - Spectrum Brands Holdings, 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 = 4.09
CAGR EPS = 13.32%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 4.09 * (1 + 13.32%) / (0.0433 * 2) = 53.54

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 = 1.73
g = -1.92
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) = 2.89
β = -0.4922
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.89 + -0.4922 * 5.94 + 0 = -0.000339
Price = (1.73 * (1 + -1.92)) / (-0.000339 - -1.92) = -0.8311

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) = 0.2444
Ebitda Yield = -0.0548
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 = 0.0585
Debt = 0.6384
Market Cap = 2.83
Weight Debt = Market Cap / (Market Cap + Debt) = 2.83 / (2.83 + 0.6384) = 0.8159
Weight Cost Debt = 100% - 0.8159 = 0.1841
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) = 2.89
β = -0.4922
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.89 + -0.4922 * 5.94 + 0 = -0.000339
WACC = (0.0585 / 0.6384) * (100% - 0.8159) * (1 - 0.21) + -0.000339 + 0.8159 = 7.18
Terminal Value = Discount (0.2444 * (1 + -0.0548) / (7.18 - -0.0548)) = 1.29
Company Value = ∑ (0.2444 / (1 + 7.18) ^ 5) = 1.13
Price = (Terminal Value + Company Value) / Count shares = (1.29 + 1.13) / 30500000 = 79.32

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) = 0.5347
FCF Yield = 0.3515
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 = 0.0585
Debt = 0.6384
Market Cap = 2.83
Weight Debt = Market Cap / (Market Cap + Debt) = 2.83 / (2.83 + 0.6384) = 0.8159
Weight Cost Debt = 100% - 0.8159 = 0.1841
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) = 2.89
β = -0.4922
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.89 + -0.4922 * 5.94 + 0 = -0.000339
WACC = (0.0585 / 0.6384) * (100% - 0.8159) * (1 - 0.21) + -0.000339 + 0.8159 = 7.18
Terminal Value = Discount (0.5347 * (1 + 0.3515) / (7.18 - 0.3515)) = 1.83
Company Value = ∑ (0.5347 / (1 + 7.18) ^ 5) = 1.25
Price = (Terminal Value + Company Value) / Count shares = (1.83 + 1.25) / 30500000 = 101