NYSE: HAL - Halliburton

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 = 2.83
CAGR EPS = 23.28%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 30.85 + (30.85 * 23.28% / 100) = 38.03

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 = 0.85
g = -0.5203
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) = 2.82
β = 0.9099
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + 0.9099 * 5.94 + 0 = 0.0822
Price = (0.85 * (1 + -0.5203)) / (0.0822 - -0.5203) = 0.6767

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) = 12.68
Ebitda Yield = 0.2711
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 = 0.353
Debt = 7.9
Market Cap = 35.4
Weight Debt = Market Cap / (Market Cap + Debt) = 35.4 / (35.4 + 7.9) = 0.8176
Weight Cost Debt = 100% - 0.8176 = 0.1824
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) = 2.82
β = 0.9099
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + 0.9099 * 5.94 + 0 = 0.0822
WACC = (0.353 / 7.9) * (100% - 0.8176) * (1 - 0.21) + 0.0822 + 0.8176 = 3.57
Terminal Value = Discount (12.68 * (1 + 0.2711) / (3.57 - 0.2711)) = 57.46
Company Value = ∑ (12.68 / (1 + 3.57) ^ 5) = 36.83
Price = (Terminal Value + Company Value) / Count shares = (57.46 + 36.83) / 883000000 = 106.79

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) = 4.44
FCF Yield = 0.1286
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 = 0.353
Debt = 7.9
Market Cap = 35.4
Weight Debt = Market Cap / (Market Cap + Debt) = 35.4 / (35.4 + 7.9) = 0.8176
Weight Cost Debt = 100% - 0.8176 = 0.1824
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) = 2.82
β = 0.9099
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + 0.9099 * 5.94 + 0 = 0.0822
WACC = (0.353 / 7.9) * (100% - 0.8176) * (1 - 0.21) + 0.0822 + 0.8176 = 3.57
Terminal Value = Discount (4.44 * (1 + 0.1286) / (3.57 - 0.1286)) = 45.23
Company Value = ∑ (4.44 / (1 + 3.57) ^ 5) = 15.79
Price = (Terminal Value + Company Value) / Count shares = (45.23 + 15.79) / 883000000 = 69.11