NYSE: KT - KT Corporation

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 = 3979.84
CAGR EPS = 418.47%
Key Rate = 0.0458
Excess Key Rate = 2
Price = 13.64 + (13.64 * 418.47% / 100) = 70.69

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 = 1.07
g = -0.0141
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) = 2.6
β = 1.41
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.6 + 1.41 * 5.94 + 0 = 0.1095
Price = (1.07 * (1 + -0.0141)) / (0.1095 - -0.0141) = 8.56

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) = 4531.9
Ebitda Yield = -0.0121
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 = 358.63
Debt = 10526.03
Market Cap = 6
Weight Debt = Market Cap / (Market Cap + Debt) = 6 / (6 + 10526.03) = 0.00057
Weight Cost Debt = 100% - 0.00057 = 0.99943
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) = 2.6
β = 1.41
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.6 + 1.41 * 5.94 + 0 = 0.1095
WACC = (358.63 / 10526.03) * (100% - 0.00057) * (1 - 0.21) + 0.1095 + 0.00057 = 2.69
Terminal Value = Discount (4531.9 * (1 + -0.0121) / (2.69 - -0.0121)) = 100499.61
Company Value = ∑ (4531.9 / (1 + 2.69) ^ 5) = 21471.56
Price = (Terminal Value + Company Value) / Count shares = (100499.61 + 21471.56) / 249590000 = 488686.12

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) = 20995.41
FCF Yield = 0.7363
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 = 358.63
Debt = 10526.03
Market Cap = 6
Weight Debt = Market Cap / (Market Cap + Debt) = 6 / (6 + 10526.03) = 0.00057
Weight Cost Debt = 100% - 0.00057 = 0.99943
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) = 2.6
β = 1.41
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.6 + 1.41 * 5.94 + 0 = 0.1095
WACC = (358.63 / 10526.03) * (100% - 0.00057) * (1 - 0.21) + 0.1095 + 0.00057 = 2.69
Terminal Value = Discount (20995.41 * (1 + 0.7363) / (2.69 - 0.7363)) = 44999.06
Company Value = ∑ (20995.41 / (1 + 2.69) ^ 5) = 41742.26
Price = (Terminal Value + Company Value) / Count shares = (44999.06 + 41742.26) / 249590000 = 347535.24