NYSE: BLE - BlackRock Municipal Income Trust II

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 = 0.5838
CAGR EPS = 12.08%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 0.5838 * (1 + 12.08%) / (0.0433 * 2) = 7.56

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 = 0.683
g = 0.1289
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) = 3
β = -0.167
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 3 + -0.167 * 5.94 + 0 = 0.0201
Price = (0.683 * (1 + 0.1289)) / (0.0201 - 0.1289) = 7.09

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) = 0.1175
Ebitda Yield = 0.2338
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 = 0.0132
Debt = 0.2686
Market Cap = 0
Weight Debt = Market Cap / (Market Cap + Debt) = 0 / (0 + 0.2686) = 0
Weight Cost Debt = 100% - 0 = 1
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) = 3
β = -0.167
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 3 + -0.167 * 5.94 + 0 = 0.0201
WACC = (0.0132 / 0.2686) * (100% - 0) * (1 - 0.21) + 0.0201 + 0 = 3.89
Terminal Value = Discount (0.1175 * (1 + 0.2338) / (3.89 - 0.2338)) = 0.6144
Company Value = ∑ (0.1175 / (1 + 3.89) ^ 5) = 0.3544
Price = (Terminal Value + Company Value) / Count shares = (0.6144 + 0.3544) / 48270000 = 20.07

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) = 4.65
FCF Yield = 1.13
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 = 0.0132
Debt = 0.2686
Market Cap = 0
Weight Debt = Market Cap / (Market Cap + Debt) = 0 / (0 + 0.2686) = 0
Weight Cost Debt = 100% - 0 = 1
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) = 3
β = -0.167
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 3 + -0.167 * 5.94 + 0 = 0.0201
WACC = (0.0132 / 0.2686) * (100% - 0) * (1 - 0.21) + 0.0201 + 0 = 3.89
Terminal Value = Discount (4.65 * (1 + 1.13) / (3.89 - 1.13)) = 7.5
Company Value = ∑ (4.65 / (1 + 3.89) ^ 5) = 7.29
Price = (Terminal Value + Company Value) / Count shares = (7.5 + 7.29) / 48270000 = 306.28