NYSE: SPXC - SPX Corporation

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 = 1.93
CAGR EPS = 4.07%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 1.93 * (1 + 4.07%) / (0.0433 * 2) = 23.18

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) = 0.5008
Ebitda Yield = 0.1186
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 = 0.0272
Debt = 0.5583
Market Cap = 3.57
Weight Debt = Market Cap / (Market Cap + Debt) = 3.57 / (3.57 + 0.5583) = 0.8648
Weight Cost Debt = 100% - 0.8648 = 0.1352
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 = 0.0097
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.75 + 0.0097 * 5.94 + 0 = 0.0281
WACC = (0.0272 / 0.5583) * (100% - 0.8648) * (1 - 0.21) + 0.0281 + 0.8648 = 3.84
Terminal Value = Discount (0.5008 * (1 + 0.1186) / (3.84 - 0.1186)) = 5.79
Company Value = ∑ (0.5008 / (1 + 3.84) ^ 5) = 1.8
Price = (Terminal Value + Company Value) / Count shares = (5.79 + 1.8) / 46610000 = 162.73

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) = 0.2436
FCF Yield = 0.0571
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 = 0.0272
Debt = 0.5583
Market Cap = 3.57
Weight Debt = Market Cap / (Market Cap + Debt) = 3.57 / (3.57 + 0.5583) = 0.8648
Weight Cost Debt = 100% - 0.8648 = 0.1352
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 = 0.0097
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.75 + 0.0097 * 5.94 + 0 = 0.0281
WACC = (0.0272 / 0.5583) * (100% - 0.8648) * (1 - 0.21) + 0.0281 + 0.8648 = 3.84
Terminal Value = Discount (0.2436 * (1 + 0.0571) / (3.84 - 0.0571)) = 11.43
Company Value = ∑ (0.2436 / (1 + 3.84) ^ 5) = 0.974
Price = (Terminal Value + Company Value) / Count shares = (11.43 + 0.974) / 46610000 = 266.05