BSE: GLAXO - GlaxoSmithKline Pharmaceuticals Limited

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 = 34.83
CAGR EPS = 2.16%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 34.83 * (1 + 2.16%) / (0.0433 * 2) = 410.84

Price = (DPS * (1 + g)) / (Cost Of Equity - g)
Price - 价格公道
DPS — 当期股息
g — 预期增长率
DPS = 44
g = 0.1373
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 = -1.51
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + -1.51 * 5.94 + 0 = -0.0616
Price = (44 * (1 + 0.1373)) / (-0.0616 - 0.1373) = 251.67

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) = 10.71
Ebitda Yield = 0.0345
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 = 0.018
Debt = 0.1554
Market Cap = 235.86
Weight Debt = Market Cap / (Market Cap + Debt) = 235.86 / (235.86 + 0.1554) = 0.9993
Weight Cost Debt = 100% - 0.9993 = 0.00070000000000003
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 = -1.51
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + -1.51 * 5.94 + 0 = -0.0616
WACC = (0.018 / 0.1554) * (100% - 0.9993) * (1 - 0.21) + -0.0616 + 0.9993 = 8.99
Terminal Value = Discount (10.71 * (1 + 0.0345) / (8.99 - 0.0345)) = 130.11
Company Value = ∑ (10.71 / (1 + 8.99) ^ 5) = 38.76
Price = (Terminal Value + Company Value) / Count shares = (130.11 + 38.76) / 169410000 = 996.78

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) = 8.24
FCF Yield = 0.0839
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 = 0.018
Debt = 0.1554
Market Cap = 235.86
Weight Debt = Market Cap / (Market Cap + Debt) = 235.86 / (235.86 + 0.1554) = 0.9993
Weight Cost Debt = 100% - 0.9993 = 0.00070000000000003
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 = -1.51
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + -1.51 * 5.94 + 0 = -0.0616
WACC = (0.018 / 0.1554) * (100% - 0.9993) * (1 - 0.21) + -0.0616 + 0.9993 = 8.99
Terminal Value = Discount (8.24 * (1 + 0.0839) / (8.99 - 0.0839)) = 959.12
Company Value = ∑ (8.24 / (1 + 8.99) ^ 5) = 27.08
Price = (Terminal Value + Company Value) / Count shares = (959.12 + 27.08) / 169410000 = 5821.41