NYSE: PHG - Koninklijke Philips N.V.

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 = -0.4862
CAGR EPS = -175.82%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 0 + (0 * -175.82% / 100) = 4.26

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) = 0.4367
Ebitda Yield = -0.1595
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 = 0.306
Debt = 6.75
Market Cap = 20.43
Weight Debt = Market Cap / (Market Cap + Debt) = 20.43 / (20.43 + 6.75) = 0.7517
Weight Cost Debt = 100% - 0.7517 = 0.2483
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 = 0.6895
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 3 + 0.6895 * 5.94 + 0 = 0.071
WACC = (0.306 / 6.75) * (100% - 0.7517) * (1 - 0.21) + 0.071 + 0.7517 = 3.61
Terminal Value = Discount (0.4367 * (1 + -0.1595) / (3.61 - -0.1595)) = 1.57
Company Value = ∑ (0.4367 / (1 + 3.61) ^ 5) = 2.9
Price = (Terminal Value + Company Value) / Count shares = (1.57 + 2.9) / 958450000 = 4.67

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) = 2.03
FCF Yield = 0.0636
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 = 0.306
Debt = 6.75
Market Cap = 20.43
Weight Debt = Market Cap / (Market Cap + Debt) = 20.43 / (20.43 + 6.75) = 0.7517
Weight Cost Debt = 100% - 0.7517 = 0.2483
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 = 0.6895
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 3 + 0.6895 * 5.94 + 0 = 0.071
WACC = (0.306 / 6.75) * (100% - 0.7517) * (1 - 0.21) + 0.071 + 0.7517 = 3.61
Terminal Value = Discount (2.03 * (1 + 0.0636) / (3.61 - 0.0636)) = 65.82
Company Value = ∑ (2.03 / (1 + 3.61) ^ 5) = 8.08
Price = (Terminal Value + Company Value) / Count shares = (65.82 + 8.08) / 958450000 = 77.1