NYSE: VLO - Valero Energy

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 = 25.03
CAGR EPS = 33.74%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 137.67 + (137.67 * 33.74% / 100) = 184.11

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 = 4.28
g = 0.8699
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) = 3
β = -0.0342
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 3 + -0.0342 * 5.94 + 0 = 0.028
Price = (4.28 * (1 + 0.8699)) / (0.028 - 0.8699) = 9.51

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) = 43.05
Ebitda Yield = 0.2404
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 = 0.611
Debt = 9.79
Market Cap = 47.17
Weight Debt = Market Cap / (Market Cap + Debt) = 47.17 / (47.17 + 9.79) = 0.8282
Weight Cost Debt = 100% - 0.8282 = 0.1718
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) = 3
β = -0.0342
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 3 + -0.0342 * 5.94 + 0 = 0.028
WACC = (0.611 / 9.79) * (100% - 0.8282) * (1 - 0.21) + 0.028 + 0.8282 = 4.91
Terminal Value = Discount (43.05 * (1 + 0.2404) / (4.91 - 0.2404)) = 219.62
Company Value = ∑ (43.05 / (1 + 4.91) ^ 5) = 124.56
Price = (Terminal Value + Company Value) / Count shares = (219.62 + 124.56) / 353000000 = 975.04

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) = 41.48
FCF Yield = 0.379
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 = 0.611
Debt = 9.79
Market Cap = 47.17
Weight Debt = Market Cap / (Market Cap + Debt) = 47.17 / (47.17 + 9.79) = 0.8282
Weight Cost Debt = 100% - 0.8282 = 0.1718
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) = 3
β = -0.0342
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 3 + -0.0342 * 5.94 + 0 = 0.028
WACC = (0.611 / 9.79) * (100% - 0.8282) * (1 - 0.21) + 0.028 + 0.8282 = 4.91
Terminal Value = Discount (41.48 * (1 + 0.379) / (4.91 - 0.379)) = 136.42
Company Value = ∑ (41.48 / (1 + 4.91) ^ 5) = 101.65
Price = (Terminal Value + Company Value) / Count shares = (136.42 + 101.65) / 353000000 = 674.42