NYSE: ETR - Entergy Corporation

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 = 11.12
CAGR EPS = 12.04%
Key Rate = 0.0458
Excess Key Rate = 2
Price = 11.12 * (1 + 12.04%) / (0.0458 * 2) = 136.05

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 = 4.52
g = 0.0552
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 = 5.48
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.6 + 5.48 * 5.94 + 0 = 0.3518
Price = (4.52 * (1 + 0.0552)) / (0.3518 - 0.0552) = 16.08

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) = 5.68
Ebitda Yield = 0.0315
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 = 1.01
Debt = 26.25
Market Cap = 20.21
Weight Debt = Market Cap / (Market Cap + Debt) = 20.21 / (20.21 + 26.25) = 0.435
Weight Cost Debt = 100% - 0.435 = 0.565
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 = 5.48
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.6 + 5.48 * 5.94 + 0 = 0.3518
WACC = (1.01 / 26.25) * (100% - 0.435) * (1 - 0.21) + 0.3518 + 0.435 = 3.17
Terminal Value = Discount (5.68 * (1 + 0.0315) / (3.17 - 0.0315)) = 22489.96
Company Value = ∑ (5.68 / (1 + 3.17) ^ 5) = 24.32
Price = (Terminal Value + Company Value) / Count shares = (22489.96 + 24.32) / 212380000 = 106009.42

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) = -0.1335
FCF Yield = -0.2038
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 = 1.01
Debt = 26.25
Market Cap = 20.21
Weight Debt = Market Cap / (Market Cap + Debt) = 20.21 / (20.21 + 26.25) = 0.435
Weight Cost Debt = 100% - 0.435 = 0.565
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 = 5.48
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.6 + 5.48 * 5.94 + 0 = 0.3518
WACC = (1.01 / 26.25) * (100% - 0.435) * (1 - 0.21) + 0.3518 + 0.435 = 3.17
Terminal Value = Discount (-0.1335 * (1 + -0.2038) / (3.17 - -0.2038)) = -0.3863
Company Value = ∑ (-0.1335 / (1 + 3.17) ^ 5) = -1.02
Price = (Terminal Value + Company Value) / Count shares = (-0.3863 + -1.02) / 212380000 = -6.64