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股权成本 (Re)
Re = Rf + β * ERP
加权平均资本成本 (WACC)
WACC = (E/V)*Re + (D/V)*Rd*(1-Tc)
终值 (TV)
TV = FCF * (1+g) / (r-g)
公司自由现金流 (FCFF)
FCFF = EBIT*(1-Tc) + D&A - ΔNWC - CapEx
股权自由现金流 (FCFE)
FCFE = NI + D&A - ΔNWC - CapEx + Net Debt
股权价值 & 每股价值
Equity Value = EV - Debt + Cash