NYSE: ES - Eversource Energy

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 = -1.27
CAGR EPS = -185.25%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 0 + (0 * -185.25% / 100) = 12.45

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 = 3.58
g = -0.0584
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) = 2.89
β = -2.41
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.89 + -2.41 * 5.94 + 0 = -0.1142
Price = (3.58 * (1 + -0.0584)) / (-0.1142 - -0.0584) = 60.33

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) = 0.8056
Ebitda Yield = -0.1041
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 = 0.9
Debt = 26.77
Market Cap = 22.51
Weight Debt = Market Cap / (Market Cap + Debt) = 22.51 / (22.51 + 26.77) = 0.4568
Weight Cost Debt = 100% - 0.4568 = 0.5432
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) = 2.89
β = -2.41
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.89 + -2.41 * 5.94 + 0 = -0.1142
WACC = (0.9 / 26.77) * (100% - 0.4568) * (1 - 0.21) + -0.1142 + 0.4568 = 2.59
Terminal Value = Discount (0.8056 * (1 + -0.1041) / (2.59 - -0.1041)) = 4.88
Company Value = ∑ (0.8056 / (1 + 2.59) ^ 5) = 4.73
Price = (Terminal Value + Company Value) / Count shares = (4.88 + 4.73) / 349580000 = 27.51

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) = -6.57
FCF Yield = 0.1955
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 = 0.9
Debt = 26.77
Market Cap = 22.51
Weight Debt = Market Cap / (Market Cap + Debt) = 22.51 / (22.51 + 26.77) = 0.4568
Weight Cost Debt = 100% - 0.4568 = 0.5432
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) = 2.89
β = -2.41
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.89 + -2.41 * 5.94 + 0 = -0.1142
WACC = (0.9 / 26.77) * (100% - 0.4568) * (1 - 0.21) + -0.1142 + 0.4568 = 2.59
Terminal Value = Discount (-6.57 * (1 + 0.1955) / (2.59 - 0.1955)) = -40.76
Company Value = ∑ (-6.57 / (1 + 2.59) ^ 5) = -21.79
Price = (Terminal Value + Company Value) / Count shares = (-40.76 + -21.79) / 349580000 = -178.92