NYSE: KMI - Kinder Morgan

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 = 1.11
CAGR EPS = 2.84%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 1.11 * (1 + 2.84%) / (0.0433 * 2) = 13.22

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 = 1.15
g = 0.1905
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 = 1.7
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 3 + 1.7 * 5.94 + 0 = 0.1312
Price = (1.15 * (1 + 0.1905)) / (0.1312 - 0.1905) = 23.06

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) = 9.62
Ebitda Yield = 0.0811
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 = 1.8
Debt = 32.12
Market Cap = 38.84
Weight Debt = Market Cap / (Market Cap + Debt) = 38.84 / (38.84 + 32.12) = 0.5474
Weight Cost Debt = 100% - 0.5474 = 0.4526
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 = 1.7
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 3 + 1.7 * 5.94 + 0 = 0.1312
WACC = (1.8 / 32.12) * (100% - 0.5474) * (1 - 0.21) + 0.1312 + 0.5474 = 4.49
Terminal Value = Discount (9.62 * (1 + 0.0811) / (4.49 - 0.0811)) = 230.61
Company Value = ∑ (9.62 / (1 + 4.49) ^ 5) = 36.11
Price = (Terminal Value + Company Value) / Count shares = (230.61 + 36.11) / 2234000000 = 119.39

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 FCF(5) * (1 + FCF Yield) / (WACC - FCF Yield)
Company Value = ∑ (Discount FCF / (1 + WACC) ^ 5)
Discount FCF(5) = 6.28
FCF Yield = 0.0866
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 = 1.8
Debt = 32.12
Market Cap = 38.84
Weight Debt = Market Cap / (Market Cap + Debt) = 38.84 / (38.84 + 32.12) = 0.5474
Weight Cost Debt = 100% - 0.5474 = 0.4526
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 = 1.7
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 3 + 1.7 * 5.94 + 0 = 0.1312
WACC = (1.8 / 32.12) * (100% - 0.5474) * (1 - 0.21) + 0.1312 + 0.5474 = 4.49
Terminal Value = Discount (6.28 * (1 + 0.0866) / (4.49 - 0.0866)) = 131.27
Company Value = ∑ (6.28 / (1 + 4.49) ^ 5) = 23.35
Price = (Terminal Value + Company Value) / Count shares = (131.27 + 23.35) / 2234000000 = 69.21