NYSE: HP - Helmerich & Payne

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 = 3.47
CAGR EPS = 22.47%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 32.33 + (32.33 * 22.47% / 100) = 39.59

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 = 1.51
g = 1.33
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) = 3
β = -2.93
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 3 + -2.93 * 5.94 + 0 = -0.1443
Price = (1.51 * (1 + 1.33)) / (-0.1443 - 1.33) = 2.39

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) = 1.58
Ebitda Yield = 0.1318
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 = 0.0291
Debt = 1.86
Market Cap = 4.13
Weight Debt = Market Cap / (Market Cap + Debt) = 4.13 / (4.13 + 1.86) = 0.6896
Weight Cost Debt = 100% - 0.6896 = 0.3104
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) = 3
β = -2.93
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 3 + -2.93 * 5.94 + 0 = -0.1443
WACC = (0.0291 / 1.86) * (100% - 0.6896) * (1 - 0.21) + -0.1443 + 0.6896 = 1.13
Terminal Value = Discount (1.58 * (1 + 0.1318) / (1.13 - 0.1318)) = 14
Company Value = ∑ (1.58 / (1 + 1.13) ^ 5) = 6.03
Price = (Terminal Value + Company Value) / Count shares = (14 + 6.03) / 99070000 = 202.2

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) = 0.1057
FCF Yield = -0.1103
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 = 0.0291
Debt = 1.86
Market Cap = 4.13
Weight Debt = Market Cap / (Market Cap + Debt) = 4.13 / (4.13 + 1.86) = 0.6896
Weight Cost Debt = 100% - 0.6896 = 0.3104
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) = 3
β = -2.93
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 3 + -2.93 * 5.94 + 0 = -0.1443
WACC = (0.0291 / 1.86) * (100% - 0.6896) * (1 - 0.21) + -0.1443 + 0.6896 = 1.13
Terminal Value = Discount (0.1057 * (1 + -0.1103) / (1.13 - -0.1103)) = 0.7311
Company Value = ∑ (0.1057 / (1 + 1.13) ^ 5) = 0.6561
Price = (Terminal Value + Company Value) / Count shares = (0.7311 + 0.6561) / 99070000 = 14