NYSE: TRV - The Travelers

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 = 12.88
CAGR EPS = 5.19%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 12.88 * (1 + 5.19%) / (0.0433 * 2) = 156.47

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 = 4.15
g = 0.0278
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 = 0.5416
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.89 + 0.5416 * 5.94 + 0 = 0.0611
Price = (4.15 * (1 + 0.0278)) / (0.0611 - 0.0278) = 128.16

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 Ebitda(5) * (1 + Ebitda Yield) / (WACC - Ebitda Yield)
Company Value = ∑ (Discount Ebitda / (1 + WACC) ^ 5)
Discount Ebitda(5) = 4.65
Ebitda Yield = 0.0081
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 = 0.376
Debt = 8.11
Market Cap = 37.2
Weight Debt = Market Cap / (Market Cap + Debt) = 37.2 / (37.2 + 8.11) = 0.821
Weight Cost Debt = 100% - 0.821 = 0.179
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 = 0.5416
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.89 + 0.5416 * 5.94 + 0 = 0.0611
WACC = (0.376 / 8.11) * (100% - 0.821) * (1 - 0.21) + 0.0611 + 0.821 = 3.68
Terminal Value = Discount (4.65 * (1 + 0.0081) / (3.68 - 0.0081)) = 136.21
Company Value = ∑ (4.65 / (1 + 3.68) ^ 5) = 20.55
Price = (Terminal Value + Company Value) / Count shares = (136.21 + 20.55) / 232200000 = 675.12

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) = 10.58
FCF Yield = 0.0653
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 = 0.376
Debt = 8.11
Market Cap = 37.2
Weight Debt = Market Cap / (Market Cap + Debt) = 37.2 / (37.2 + 8.11) = 0.821
Weight Cost Debt = 100% - 0.821 = 0.179
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 = 0.5416
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.89 + 0.5416 * 5.94 + 0 = 0.0611
WACC = (0.376 / 8.11) * (100% - 0.821) * (1 - 0.21) + 0.0611 + 0.821 = 3.68
Terminal Value = Discount (10.58 * (1 + 0.0653) / (3.68 - 0.0653)) = 330.69
Company Value = ∑ (10.58 / (1 + 3.68) ^ 5) = 41.85
Price = (Terminal Value + Company Value) / Count shares = (330.69 + 41.85) / 232200000 = 1604.39