NYSE: DCP - DCP Midstream, LP

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 = 5.05
CAGR EPS = 119.61%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 41.69 + (41.69 * 119.61% / 100) = 91.56

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) = 2.92
Ebitda Yield = 0.1422
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 = 0.278
Debt = 4.86
Market Cap = 8.65
Weight Debt = Market Cap / (Market Cap + Debt) = 8.65 / (8.65 + 4.86) = 0.6403
Weight Cost Debt = 100% - 0.6403 = 0.3597
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) = 2.75
β = 0
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.75 + 0 * 5.94 + 0 = 0.0275
WACC = (0.278 / 4.86) * (100% - 0.6403) * (1 - 0.21) + 0.0275 + 0.6403 = 4.51
Terminal Value = Discount (2.92 * (1 + 0.1422) / (4.51 - 0.1422)) = 27.51
Company Value = ∑ (2.92 / (1 + 4.51) ^ 5) = 9.87
Price = (Terminal Value + Company Value) / Count shares = (27.51 + 9.87) / 208500000 = 179.28

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) = 5.21
FCF Yield = 0.2794
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 = 0.278
Debt = 4.86
Market Cap = 8.65
Weight Debt = Market Cap / (Market Cap + Debt) = 8.65 / (8.65 + 4.86) = 0.6403
Weight Cost Debt = 100% - 0.6403 = 0.3597
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) = 2.75
β = 0
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.75 + 0 * 5.94 + 0 = 0.0275
WACC = (0.278 / 4.86) * (100% - 0.6403) * (1 - 0.21) + 0.0275 + 0.6403 = 4.51
Terminal Value = Discount (5.21 * (1 + 0.2794) / (4.51 - 0.2794)) = 22.82
Company Value = ∑ (5.21 / (1 + 4.51) ^ 5) = 14.52
Price = (Terminal Value + Company Value) / Count shares = (22.82 + 14.52) / 208500000 = 179.09