NYSE: UNP - Union Pacific

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 = 10.45
CAGR EPS = 4.52%
Key Rate = 0.0458
Excess Key Rate = 2
Price = 10.45 * (1 + 4.52%) / (0.0458 * 2) = 119.29

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 = 5.24
g = 0.0148
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 = 0.5495
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.6 + 0.5495 * 5.94 + 0 = 0.0586
Price = (5.24 * (1 + 0.0148)) / (0.0586 - 0.0148) = 121.4

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) = 11.87
Ebitda Yield = 0.0067
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 = 1.34
Debt = 32.93
Market Cap = 137.29
Weight Debt = Market Cap / (Market Cap + Debt) = 137.29 / (137.29 + 32.93) = 0.8065
Weight Cost Debt = 100% - 0.8065 = 0.1935
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 = 0.5495
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.6 + 0.5495 * 5.94 + 0 = 0.0586
WACC = (1.34 / 32.93) * (100% - 0.8065) * (1 - 0.21) + 0.0586 + 0.8065 = 3.24
Terminal Value = Discount (11.87 * (1 + 0.0067) / (3.24 - 0.0067)) = 396.62
Company Value = ∑ (11.87 / (1 + 3.24) ^ 5) = 53.24
Price = (Terminal Value + Company Value) / Count shares = (396.62 + 53.24) / 610200000 = 737.24

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) = 4.48
FCF Yield = -0.0124
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 = 1.34
Debt = 32.93
Market Cap = 137.29
Weight Debt = Market Cap / (Market Cap + Debt) = 137.29 / (137.29 + 32.93) = 0.8065
Weight Cost Debt = 100% - 0.8065 = 0.1935
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 = 0.5495
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.6 + 0.5495 * 5.94 + 0 = 0.0586
WACC = (1.34 / 32.93) * (100% - 0.8065) * (1 - 0.21) + 0.0586 + 0.8065 = 3.24
Terminal Value = Discount (4.48 * (1 + -0.0124) / (3.24 - -0.0124)) = 84.44
Company Value = ∑ (4.48 / (1 + 3.24) ^ 5) = 20.94
Price = (Terminal Value + Company Value) / Count shares = (84.44 + 20.94) / 610200000 = 172.69