NYSE: TTC - The Toro Company

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 = 3.13
CAGR EPS = 4.32%
Key Rate = 0.0458
Excess Key Rate = 2
Price = 3.13 * (1 + 4.32%) / (0.0458 * 2) = 35.66

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 = 1.44
g = 0.1376
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) = 2.6
β = -0.6418
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.6 + -0.6418 * 5.94 + 0 = -0.0121
Price = (1.44 * (1 + 0.1376)) / (-0.0121 - 0.1376) = 10.94

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) = 1.1
Ebitda Yield = 0.0857
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 = 0.0587
Debt = 1.05
Market Cap = 10.21
Weight Debt = Market Cap / (Market Cap + Debt) = 10.21 / (10.21 + 1.05) = 0.9067
Weight Cost Debt = 100% - 0.9067 = 0.0933
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) = 2.6
β = -0.6418
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.6 + -0.6418 * 5.94 + 0 = -0.0121
WACC = (0.0587 / 1.05) * (100% - 0.9067) * (1 - 0.21) + -0.0121 + 0.9067 = 4.36
Terminal Value = Discount (1.1 * (1 + 0.0857) / (4.36 - 0.0857)) = 22.93
Company Value = ∑ (1.1 / (1 + 4.36) ^ 5) = 4.11
Price = (Terminal Value + Company Value) / Count shares = (22.93 + 4.11) / 105300000 = 256.87

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) = 0.1109
FCF Yield = -0.0675
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 = 0.0587
Debt = 1.05
Market Cap = 10.21
Weight Debt = Market Cap / (Market Cap + Debt) = 10.21 / (10.21 + 1.05) = 0.9067
Weight Cost Debt = 100% - 0.9067 = 0.0933
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) = 2.6
β = -0.6418
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.6 + -0.6418 * 5.94 + 0 = -0.0121
WACC = (0.0587 / 1.05) * (100% - 0.9067) * (1 - 0.21) + -0.0121 + 0.9067 = 4.36
Terminal Value = Discount (0.1109 * (1 + -0.0675) / (4.36 - -0.0675)) = 0.7514
Company Value = ∑ (0.1109 / (1 + 4.36) ^ 5) = 0.5682
Price = (Terminal Value + Company Value) / Count shares = (0.7514 + 0.5682) / 105300000 = 12.53