NYSE: WAT - Waters Corporation

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 = 10.84
CAGR EPS = 4.51%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 10.84 * (1 + 4.51%) / (0.0433 * 2) = 130.77

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) = 0.8237
Ebitda Yield = 0.0015
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 = 0.0822
Debt = 2.38
Market Cap = 15.96
Weight Debt = Market Cap / (Market Cap + Debt) = 15.96 / (15.96 + 2.38) = 0.8701
Weight Cost Debt = 100% - 0.8701 = 0.1299
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 = 3.76
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.89 + 3.76 * 5.94 + 0 = 0.2525
WACC = (0.0822 / 2.38) * (100% - 0.8701) * (1 - 0.21) + 0.2525 + 0.8701 = 2.92
Terminal Value = Discount (0.8237 * (1 + 0.0015) / (2.92 - 0.0015)) = 25.74
Company Value = ∑ (0.8237 / (1 + 2.92) ^ 5) = 3.77
Price = (Terminal Value + Company Value) / Count shares = (25.74 + 3.77) / 59270000 = 497.9

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) = 0.4146
FCF Yield = -0.0128
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 = 0.0822
Debt = 2.38
Market Cap = 15.96
Weight Debt = Market Cap / (Market Cap + Debt) = 15.96 / (15.96 + 2.38) = 0.8701
Weight Cost Debt = 100% - 0.8701 = 0.1299
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 = 3.76
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.89 + 3.76 * 5.94 + 0 = 0.2525
WACC = (0.0822 / 2.38) * (100% - 0.8701) * (1 - 0.21) + 0.2525 + 0.8701 = 2.92
Terminal Value = Discount (0.4146 * (1 + -0.0128) / (2.92 - -0.0128)) = 8.44
Company Value = ∑ (0.4146 / (1 + 2.92) ^ 5) = 1.95
Price = (Terminal Value + Company Value) / Count shares = (8.44 + 1.95) / 59270000 = 175.29