NYSE: HRC - Hill-Rom Holdings

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 = 3.72
CAGR EPS = 13.33%
Key Rate = 0.0458
Excess Key Rate = 2
Price = 3.72 * (1 + 13.33%) / (0.0458 * 2) = 46.02

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) = 0.6184
Ebitda Yield = 0.0222
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
Debt = 2.16
Market Cap = 10.3
Weight Debt = Market Cap / (Market Cap + Debt) = 10.3 / (10.3 + 2.16) = 0.8266
Weight Cost Debt = 100% - 0.8266 = 0.1734
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) = 2.75
β = 0
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.75 + 0 * 5.94 + 0 = 0.0275
WACC = (0 / 2.16) * (100% - 0.8266) * (1 - 0.21) + 0.0275 + 0.8266 = 0.0227
Terminal Value = Discount (0.6184 * (1 + 0.0222) / (0.0227 - 0.0222)) = 28.68
Company Value = ∑ (0.6184 / (1 + 0.0227) ^ 5) = 2.96
Price = (Terminal Value + Company Value) / Count shares = (28.68 + 2.96) / 67000000 = 472.17

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) = 0.5337
FCF Yield = 0.0856
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
Debt = 2.16
Market Cap = 10.3
Weight Debt = Market Cap / (Market Cap + Debt) = 10.3 / (10.3 + 2.16) = 0.8266
Weight Cost Debt = 100% - 0.8266 = 0.1734
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) = 2.75
β = 0
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.75 + 0 * 5.94 + 0 = 0.0275
WACC = (0 / 2.16) * (100% - 0.8266) * (1 - 0.21) + 0.0275 + 0.8266 = 0.0227
Terminal Value = Discount (0.5337 * (1 + 0.0856) / (0.0227 - 0.0856)) = 6.78
Company Value = ∑ (0.5337 / (1 + 0.0227) ^ 5) = 2.28
Price = (Terminal Value + Company Value) / Count shares = (6.78 + 2.28) / 67000000 = 135.22