Discounted EPS

Discounted Earnings Per Share Model

Note: Key in the values in orange

Current Year
Current EPS
EPS CAGR (%)
Discount Factor (%)
Current Share Price

Year
EPS (proj)
DF
DV
Intrinsic Value

2013
0.01
10
4
1

2014
0.01100
0.9615
0.01058
0.138

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FV
PV
n
CAGR (%)

2015
0.01210
0.9246
0.01119

2016
0.01331
0.8890
0.01183

2017
0.01464
0.8548
0.01252

Discounted EPS

10
10
4 Eg: 2005-2009, n=4
0.00 For input in B6

2018
0.01611
0.8219
0.01324

2019
0.01772
0.7903
0.01400

2020
0.01949
0.7599
0.01481

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2021
0.02144
0.7307
0.01566

2022
0.02358
0.7026
0.01657

2023
0.02594
0.6756
0.01752

Discounted Cash Flow

Discount Cash Flow Model

Note: Key in the values in orange

Current Year
Cash Flow (millions)
Cash Flow Growth Rate (%)
Discount Factor (%)
Current Share Price

Year
Cash Flow (proj)
DF
DV

PV of 10 yr Cash Flow (mil)

No. Shares Outstanding (mil)
Intrinsic Value

2004
2940.3
7.12
4
44

2005
3149.65
0.962
3028.51

34718.46
776.37
44.719

Legend:
CAGR = Compounded Annual Growth Rate
FV = Future Value (Final Year Cash Flow)
PV = Present Value (First Year Cash Flow)
DF = Discount Factor
DV = Discount Value

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2006
3373.90
0.925
3119.36

2007
3614.13
0.889
3212.95

Discounted Cash Flow

FV
PV
n
CAGR (%)

2008
3871.45
0.855
3309.33

0.1
0.02
4 Eg: 2005-2009, n=4
49.53 For input in B6

2009
4147.10
0.822
3408.61

2010
4442.37
0.790
3510.87

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2011
4758.67
0.760
3616.20

2012
5097.49
0.731
3724.68

2013
5460.43
0.703
3836.42

Discounted Cash Flow

2014
5849.21
0.676
3951.52

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