NYSE: V - Visa

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 = 9.73
CAGR EPS = 14.75%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 9.73 * (1 + 14.75%) / (0.0433 * 2) = 128.94

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 = 2.15
g = 0.1458
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 = 1.78
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.89 + 1.78 * 5.94 + 0 = 0.1344
Price = (2.15 * (1 + 0.1458)) / (0.1344 - 0.1458) = 216.24

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 Ebitda(5) * (1 + Ebitda Yield) / (WACC - Ebitda Yield)
Company Value = ∑ (Discount Ebitda / (1 + WACC) ^ 5)
Discount Ebitda(5) = 39.71
Ebitda Yield = 0.0919
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 = 0.641
Debt = 20.84
Market Cap = 495.35
Weight Debt = Market Cap / (Market Cap + Debt) = 495.35 / (495.35 + 20.84) = 0.9596
Weight Cost Debt = 100% - 0.9596 = 0.0404
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 = 1.78
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.89 + 1.78 * 5.94 + 0 = 0.1344
WACC = (0.641 / 20.84) * (100% - 0.9596) * (1 - 0.21) + 0.1344 + 0.9596 = 2.54
Terminal Value = Discount (39.71 * (1 + 0.0919) / (2.54 - 0.0919)) = 575.21
Company Value = ∑ (39.71 / (1 + 2.54) ^ 5) = 155.12
Price = (Terminal Value + Company Value) / Count shares = (575.21 + 155.12) / 2029000000 = 359.94

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 FCF(5) * (1 + FCF Yield) / (WACC - FCF Yield)
Company Value = ∑ (Discount FCF / (1 + WACC) ^ 5)
Discount FCF(5) = 31.81
FCF Yield = 0.1122
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 = 0.641
Debt = 20.84
Market Cap = 495.35
Weight Debt = Market Cap / (Market Cap + Debt) = 495.35 / (495.35 + 20.84) = 0.9596
Weight Cost Debt = 100% - 0.9596 = 0.0404
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 = 1.78
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.89 + 1.78 * 5.94 + 0 = 0.1344
WACC = (0.641 / 20.84) * (100% - 0.9596) * (1 - 0.21) + 0.1344 + 0.9596 = 2.54
Terminal Value = Discount (31.81 * (1 + 0.1122) / (2.54 - 0.1122)) = 359.57
Company Value = ∑ (31.81 / (1 + 2.54) ^ 5) = 120.06
Price = (Terminal Value + Company Value) / Count shares = (359.57 + 120.06) / 2029000000 = 236.38