NYSE: TPC - Tutor Perini 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 = -3.13
CAGR EPS = 8.66%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 19.96 + (19.96 * 8.66% / 100) = 21.68

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) = 0.0014
Ebitda Yield = -1.42
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 = 0.0891
Debt = 0.0241
Market Cap = 0.4345
Weight Debt = Market Cap / (Market Cap + Debt) = 0.4345 / (0.4345 + 0.0241) = 0.9474
Weight Cost Debt = 100% - 0.9474 = 0.0526
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 = 2.11
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + 2.11 * 5.94 + 0 = 0.1536
WACC = (0.0891 / 0.0241) * (100% - 0.9474) * (1 - 0.21) + 0.1536 + 0.9474 = 289.4
Terminal Value = Discount (0.0014 * (1 + -1.42) / (289.4 - -1.42)) = 0
Company Value = ∑ (0.0014 / (1 + 289.4) ^ 5) = 0.0101
Price = (Terminal Value + Company Value) / Count shares = (0 + 0.0101) / 52320000 = 0.1933

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) = 1.66
FCF Yield = 0.2694
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 = 0.0891
Debt = 0.0241
Market Cap = 0.4345
Weight Debt = Market Cap / (Market Cap + Debt) = 0.4345 / (0.4345 + 0.0241) = 0.9474
Weight Cost Debt = 100% - 0.9474 = 0.0526
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 = 2.11
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + 2.11 * 5.94 + 0 = 0.1536
WACC = (0.0891 / 0.0241) * (100% - 0.9474) * (1 - 0.21) + 0.1536 + 0.9474 = 289.4
Terminal Value = Discount (1.66 * (1 + 0.2694) / (289.4 - 0.2694)) = 0.000896
Company Value = ∑ (1.66 / (1 + 289.4) ^ 5) = 0.2426
Price = (Terminal Value + Company Value) / Count shares = (0.000896 + 0.2426) / 52320000 = 4.65