OTC: FNMFM - 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 = 2.95
CAGR EPS = 9.16%
Key Rate = 0.0458
Excess Key Rate = 2
Price = 4.6 + (4.6 * 9.16% / 100) = 5.02

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) = 6.07
Ebitda Yield = -0.2267
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 = 2.69
Weight Debt = Market Cap / (Market Cap + Debt) = 2.69 / (2.69 + 4222.72) = 0.000637
Weight Cost Debt = 100% - 0.000637 = 0.999363
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 = 0.2392
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.75 + 0.2392 * 5.94 + 0 = 0.0417
WACC = (110.94 / 4222.72) * (100% - 0.000637) * (1 - 0.21) + 0.0417 + 0.000637 = 2.08
Terminal Value = Discount (6.07 * (1 + -0.2267) / (2.08 - -0.2267)) = 17.12
Company Value = ∑ (6.07 / (1 + 2.08) ^ 5) = 51.49
Price = (Terminal Value + Company Value) / Count shares = (17.12 + 51.49) / 5893000000 = 11.64

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) = 116.23
FCF Yield = 0.378
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 = 2.69
Weight Debt = Market Cap / (Market Cap + Debt) = 2.69 / (2.69 + 4222.72) = 0.000637
Weight Cost Debt = 100% - 0.000637 = 0.999363
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 = 0.2392
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.75 + 0.2392 * 5.94 + 0 = 0.0417
WACC = (110.94 / 4222.72) * (100% - 0.000637) * (1 - 0.21) + 0.0417 + 0.000637 = 2.08
Terminal Value = Discount (116.23 * (1 + 0.378) / (2.08 - 0.378)) = 404.6
Company Value = ∑ (116.23 / (1 + 2.08) ^ 5) = 314.35
Price = (Terminal Value + Company Value) / Count shares = (404.6 + 314.35) / 5893000000 = 122