NYSE: BTI - British American Tobacco

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 = -6.45
CAGR EPS = 9.16%
Key Rate = 0.0458
Excess Key Rate = 2
Price = 33.51 + (33.51 * 9.16% / 100) = 36.57

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 = 3.66
g = -0.0223
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) = 2.6
β = 1.25
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.6 + 1.25 * 5.94 + 0 = 0.1004
Price = (3.66 * (1 + -0.0223)) / (0.1004 - -0.0223) = 29.19

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) = 9.02
Ebitda Yield = -0.0193
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 = 1.89
Debt = 39.36
Market Cap = 71.98
Weight Debt = Market Cap / (Market Cap + Debt) = 71.98 / (71.98 + 39.36) = 0.6465
Weight Cost Debt = 100% - 0.6465 = 0.3535
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) = 2.6
β = 1.25
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.6 + 1.25 * 5.94 + 0 = 0.1004
WACC = (1.89 / 39.36) * (100% - 0.6465) * (1 - 0.21) + 0.1004 + 0.6465 = 3.83
Terminal Value = Discount (9.02 * (1 + -0.0193) / (3.83 - -0.0193)) = 127.43
Company Value = ∑ (9.02 / (1 + 3.83) ^ 5) = 42.05
Price = (Terminal Value + Company Value) / Count shares = (127.43 + 42.05) / 2229000000 = 76.04

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) = 12.29
FCF Yield = 0.037
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 = 1.89
Debt = 39.36
Market Cap = 71.98
Weight Debt = Market Cap / (Market Cap + Debt) = 71.98 / (71.98 + 39.36) = 0.6465
Weight Cost Debt = 100% - 0.6465 = 0.3535
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) = 2.6
β = 1.25
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.6 + 1.25 * 5.94 + 0 = 0.1004
WACC = (1.89 / 39.36) * (100% - 0.6465) * (1 - 0.21) + 0.1004 + 0.6465 = 3.83
Terminal Value = Discount (12.29 * (1 + 0.037) / (3.83 - 0.037)) = 8061.53
Company Value = ∑ (12.29 / (1 + 3.83) ^ 5) = 51.08
Price = (Terminal Value + Company Value) / Count shares = (8061.53 + 51.08) / 2229000000 = 3639.57