OTC: FNMAJ - Federal National Mortgage Association

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 = 15.03
CAGR EPS = 4.21%
Key Rate = 0.0458
Excess Key Rate = 2
Price = 5.31 + (5.31 * 4.21% / 100) = 5.53

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 Ebitda(5) * (1 + Ebitda Yield) / (WACC - Ebitda Yield)
Company Value = ∑ (Discount Ebitda / (1 + WACC) ^ 5)
Discount Ebitda(5) = 2.51
Ebitda Yield = -0.1511
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 = 110.94
Debt = 4222.72
Market Cap = 2.55
Weight Debt = Market Cap / (Market Cap + Debt) = 2.55 / (2.55 + 4222.72) = 0.000604
Weight Cost Debt = 100% - 0.000604 = 0.999396
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) = 2.75
β = 6.54
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.75 + 6.54 * 5.94 + 0 = 0.4161
WACC = (110.94 / 4222.72) * (100% - 0.000604) * (1 - 0.21) + 0.4161 + 0.000604 = 2.08
Terminal Value = Discount (2.51 * (1 + -0.1511) / (2.08 - -0.1511)) = 11.17
Company Value = ∑ (2.51 / (1 + 2.08) ^ 5) = 16.92
Price = (Terminal Value + Company Value) / Count shares = (11.17 + 16.92) / 1158090000 = 24.26

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) = 92.42
FCF Yield = 0.3546
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 = 110.94
Debt = 4222.72
Market Cap = 2.55
Weight Debt = Market Cap / (Market Cap + Debt) = 2.55 / (2.55 + 4222.72) = 0.000604
Weight Cost Debt = 100% - 0.000604 = 0.999396
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) = 2.75
β = 6.54
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.75 + 6.54 * 5.94 + 0 = 0.4161
WACC = (110.94 / 4222.72) * (100% - 0.000604) * (1 - 0.21) + 0.4161 + 0.000604 = 2.08
Terminal Value = Discount (92.42 * (1 + 0.3546) / (2.08 - 0.3546)) = 338.4
Company Value = ∑ (92.42 / (1 + 2.08) ^ 5) = 256.18
Price = (Terminal Value + Company Value) / Count shares = (338.4 + 256.18) / 1158090000 = 513.41