NYSE: HSBC - HSBC Holding

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 = 6.49
CAGR EPS = 38.13%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 48.77 + (48.77 * 38.13% / 100) = 67.36

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 = 4.85
g = -0.5787
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) = 2.82
β = -2.65
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + -2.65 * 5.94 + 0 = -0.1294
Price = (4.85 * (1 + -0.5787)) / (-0.1294 - -0.5787) = 4.55

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
Ebitda Yield = -0.7069
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 = 75.9
Debt = 235.16
Market Cap = 146.6
Weight Debt = Market Cap / (Market Cap + Debt) = 146.6 / (146.6 + 235.16) = 0.384
Weight Cost Debt = 100% - 0.384 = 0.616
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) = 2.82
β = -2.65
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + -2.65 * 5.94 + 0 = -0.1294
WACC = (75.9 / 235.16) * (100% - 0.384) * (1 - 0.21) + -0.1294 + 0.384 = 25.35
Terminal Value = Discount (0 * (1 + -0.7069) / (25.35 - -0.7069)) = 0
Company Value = ∑ (0 / (1 + 25.35) ^ 5) = 0.000305
Price = (Terminal Value + Company Value) / Count shares = (0 + 0.000305) / 3697000000 = 8.3E-5

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) = 26.64
FCF Yield = -0.1539
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 = 75.9
Debt = 235.16
Market Cap = 146.6
Weight Debt = Market Cap / (Market Cap + Debt) = 146.6 / (146.6 + 235.16) = 0.384
Weight Cost Debt = 100% - 0.384 = 0.616
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) = 2.82
β = -2.65
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + -2.65 * 5.94 + 0 = -0.1294
WACC = (75.9 / 235.16) * (100% - 0.384) * (1 - 0.21) + -0.1294 + 0.384 = 25.35
Terminal Value = Discount (26.64 * (1 + -0.1539) / (25.35 - -0.1539)) = 17.88
Company Value = ∑ (26.64 / (1 + 25.35) ^ 5) = 109.69
Price = (Terminal Value + Company Value) / Count shares = (17.88 + 109.69) / 3697000000 = 34.51