NYSE: HLT - Hilton Worldwide

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 = 4.32
CAGR EPS = 7.29%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 4.32 * (1 + 7.29%) / (0.0433 * 2) = 53.55

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 = 0.6
g = 1.22
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 = 1.92
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.89 + 1.92 * 5.94 + 0 = 0.1429
Price = (0.6 * (1 + 1.22)) / (0.1429 - 1.22) = 1.24

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) = 2.88
Ebitda Yield = 0.0363
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 = 0.464
Debt = 9.31
Market Cap = 39.44
Weight Debt = Market Cap / (Market Cap + Debt) = 39.44 / (39.44 + 9.31) = 0.809
Weight Cost Debt = 100% - 0.809 = 0.191
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 = 1.92
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.89 + 1.92 * 5.94 + 0 = 0.1429
WACC = (0.464 / 9.31) * (100% - 0.809) * (1 - 0.21) + 0.1429 + 0.809 = 4.02
Terminal Value = Discount (2.88 * (1 + 0.0363) / (4.02 - 0.0363)) = 634.53
Company Value = ∑ (2.88 / (1 + 4.02) ^ 5) = 11.92
Price = (Terminal Value + Company Value) / Count shares = (634.53 + 11.92) / 264000000 = 2448.68

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) = 2.28
FCF Yield = 0.0605
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 = 0.464
Debt = 9.31
Market Cap = 39.44
Weight Debt = Market Cap / (Market Cap + Debt) = 39.44 / (39.44 + 9.31) = 0.809
Weight Cost Debt = 100% - 0.809 = 0.191
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 = 1.92
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.89 + 1.92 * 5.94 + 0 = 0.1429
WACC = (0.464 / 9.31) * (100% - 0.809) * (1 - 0.21) + 0.1429 + 0.809 = 4.02
Terminal Value = Discount (2.28 * (1 + 0.0605) / (4.02 - 0.0605)) = 97.76
Company Value = ∑ (2.28 / (1 + 4.02) ^ 5) = 9.01
Price = (Terminal Value + Company Value) / Count shares = (97.76 + 9.01) / 264000000 = 404.41