NYSE: Y - Alleghany 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 = 26.4
CAGR EPS = 58.05%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 26.4 * (1 + 58.05%) / (0.0433 * 2) = 481.82

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) = 2.86
Ebitda Yield = 0.249
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 = 0.1152
Debt = 2.34
Market Cap = 11.41
Weight Debt = Market Cap / (Market Cap + Debt) = 11.41 / (11.41 + 2.34) = 0.8298
Weight Cost Debt = 100% - 0.8298 = 0.1702
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) = 2.82
β = 0
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + 0 * 5.94 + 0 = 0.0282
WACC = (0.1152 / 2.34) * (100% - 0.8298) * (1 - 0.21) + 0.0282 + 0.8298 = 3.88
Terminal Value = Discount (2.86 * (1 + 0.249) / (3.88 - 0.249)) = 14.04
Company Value = ∑ (2.86 / (1 + 3.88) ^ 5) = 8.45
Price = (Terminal Value + Company Value) / Count shares = (14.04 + 8.45) / 14000000 = 1606.53

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) = 6.95
FCF Yield = 0.3005
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 = 0.1152
Debt = 2.34
Market Cap = 11.41
Weight Debt = Market Cap / (Market Cap + Debt) = 11.41 / (11.41 + 2.34) = 0.8298
Weight Cost Debt = 100% - 0.8298 = 0.1702
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) = 2.82
β = 0
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + 0 * 5.94 + 0 = 0.0282
WACC = (0.1152 / 2.34) * (100% - 0.8298) * (1 - 0.21) + 0.0282 + 0.8298 = 3.88
Terminal Value = Discount (6.95 * (1 + 0.3005) / (3.88 - 0.3005)) = 28.54
Company Value = ∑ (6.95 / (1 + 3.88) ^ 5) = 19.26
Price = (Terminal Value + Company Value) / Count shares = (28.54 + 19.26) / 14000000 = 3414.03