NYSE: TMHC - Taylor Morrison Home Corporation

Price = Avg Price + (Avg Price * CAGR EPS% / 100)
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 = 6.98
CAGR EPS = 24.33%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 56.73 + (56.73 * 24.33% / 100) = 70.53

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) = 2.89
Ebitda Yield = 0.209
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 = 0.0126
Debt = 2.1
Market Cap = 4.97
Weight Debt = Market Cap / (Market Cap + Debt) = 4.97 / (4.97 + 2.1) = 0.7028
Weight Cost Debt = 100% - 0.7028 = 0.2972
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 = -1.11
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.75 + -1.11 * 5.94 + 0 = -0.0384
WACC = (0.0126 / 2.1) * (100% - 0.7028) * (1 - 0.21) + -0.0384 + 0.7028 = 0.4423
Terminal Value = Discount (2.89 * (1 + 0.209) / (0.4423 - 0.209)) = 16.69
Company Value = ∑ (2.89 / (1 + 0.4423) ^ 5) = 10.08
Price = (Terminal Value + Company Value) / Count shares = (16.69 + 10.08) / 110150000 = 243.07

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) = 1.43
FCF Yield = 0.1304
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 = 0.0126
Debt = 2.1
Market Cap = 4.97
Weight Debt = Market Cap / (Market Cap + Debt) = 4.97 / (4.97 + 2.1) = 0.7028
Weight Cost Debt = 100% - 0.7028 = 0.2972
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 = -1.11
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.75 + -1.11 * 5.94 + 0 = -0.0384
WACC = (0.0126 / 2.1) * (100% - 0.7028) * (1 - 0.21) + -0.0384 + 0.7028 = 0.4423
Terminal Value = Discount (1.43 * (1 + 0.1304) / (0.4423 - 0.1304)) = 12.52
Company Value = ∑ (1.43 / (1 + 0.4423) ^ 5) = 5.59
Price = (Terminal Value + Company Value) / Count shares = (12.52 + 5.59) / 110150000 = 164.34