NYSE: HESM - Hess Midstream LP

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 = 2.11
CAGR EPS = 11.91%
Key Rate = 0.0458
Excess Key Rate = 2
Price = 2.11 * (1 + 11.91%) / (0.0458 * 2) = 25.74

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 = 2.57
g = 0.1964
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 = 0.4085
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.6 + 0.4085 * 5.94 + 0 = 0.0503
Price = (2.57 * (1 + 0.1964)) / (0.0503 - 0.1964) = 21.05

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) = 1.72
Ebitda Yield = 0.1124
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 = 0.179
Debt = 3.21
Market Cap = 1.93
Weight Debt = Market Cap / (Market Cap + Debt) = 1.93 / (1.93 + 3.21) = 0.3754
Weight Cost Debt = 100% - 0.3754 = 0.6246
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 = 0.4085
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.6 + 0.4085 * 5.94 + 0 = 0.0503
WACC = (0.179 / 3.21) * (100% - 0.3754) * (1 - 0.21) + 0.0503 + 0.3754 = 4.41
Terminal Value = Discount (1.72 * (1 + 0.1124) / (4.41 - 0.1124)) = 22.55
Company Value = ∑ (1.72 / (1 + 4.41) ^ 5) = 6.13
Price = (Terminal Value + Company Value) / Count shares = (22.55 + 6.13) / 56300000 = 509.43

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) = 1.97
FCF Yield = 0.2514
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 = 0.179
Debt = 3.21
Market Cap = 1.93
Weight Debt = Market Cap / (Market Cap + Debt) = 1.93 / (1.93 + 3.21) = 0.3754
Weight Cost Debt = 100% - 0.3754 = 0.6246
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 = 0.4085
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.6 + 0.4085 * 5.94 + 0 = 0.0503
WACC = (0.179 / 3.21) * (100% - 0.3754) * (1 - 0.21) + 0.0503 + 0.3754 = 4.41
Terminal Value = Discount (1.97 * (1 + 0.2514) / (4.41 - 0.2514)) = 9.6
Company Value = ∑ (1.97 / (1 + 4.41) ^ 5) = 5.72
Price = (Terminal Value + Company Value) / Count shares = (9.6 + 5.72) / 56300000 = 272.05