NYSE: HGV - Hilton Grand Vacations Inc.

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 = 2.8
CAGR EPS = 2.99%
Key Rate = 0.0458
Excess Key Rate = 2
Price = 2.8 * (1 + 2.99%) / (0.0458 * 2) = 31.54

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) = 1.86
Ebitda Yield = 0.1566
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 = 0.178
Debt = 4.54
Market Cap = 4.77
Weight Debt = Market Cap / (Market Cap + Debt) = 4.77 / (4.77 + 4.54) = 0.5126
Weight Cost Debt = 100% - 0.5126 = 0.4874
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 = -0.9102
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.6 + -0.9102 * 5.94 + 0 = -0.0281
WACC = (0.178 / 4.54) * (100% - 0.5126) * (1 - 0.21) + -0.0281 + 0.5126 = 3.07
Terminal Value = Discount (1.86 * (1 + 0.1566) / (3.07 - 0.1566)) = 14.66
Company Value = ∑ (1.86 / (1 + 3.07) ^ 5) = 6.42
Price = (Terminal Value + Company Value) / Count shares = (14.66 + 6.42) / 111600000 = 188.94

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) = 0.5636
FCF Yield = 0.1892
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 = 0.178
Debt = 4.54
Market Cap = 4.77
Weight Debt = Market Cap / (Market Cap + Debt) = 4.77 / (4.77 + 4.54) = 0.5126
Weight Cost Debt = 100% - 0.5126 = 0.4874
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 = -0.9102
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.6 + -0.9102 * 5.94 + 0 = -0.0281
WACC = (0.178 / 4.54) * (100% - 0.5126) * (1 - 0.21) + -0.0281 + 0.5126 = 3.07
Terminal Value = Discount (0.5636 * (1 + 0.1892) / (3.07 - 0.1892)) = 3.64
Company Value = ∑ (0.5636 / (1 + 3.07) ^ 5) = 1.86
Price = (Terminal Value + Company Value) / Count shares = (3.64 + 1.86) / 111600000 = 49.22