NYSE: PPL - PPL

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
CAGR EPS = -15.81%
Key Rate = 0.0458
Excess Key Rate = 2
Price = 1 * (1 + -15.81%) / (0.0458 * 2) = 9.21

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 = 1.01
g = -0.1948
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 = 2.36
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.6 + 2.36 * 5.94 + 0 = 0.1662
Price = (1.01 * (1 + -0.1948)) / (0.1662 - -0.1948) = 2.26

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) = 0.7448
Ebitda Yield = -0.145
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 = 0.666
Debt = 15.63
Market Cap = 18.65
Weight Debt = Market Cap / (Market Cap + Debt) = 18.65 / (18.65 + 15.63) = 0.5441
Weight Cost Debt = 100% - 0.5441 = 0.4559
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 = 2.36
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.6 + 2.36 * 5.94 + 0 = 0.1662
WACC = (0.666 / 15.63) * (100% - 0.5441) * (1 - 0.21) + 0.1662 + 0.5441 = 3.44
Terminal Value = Discount (0.7448 * (1 + -0.145) / (3.44 - -0.145)) = 3
Company Value = ∑ (0.7448 / (1 + 3.44) ^ 5) = 4.77
Price = (Terminal Value + Company Value) / Count shares = (3 + 4.77) / 738170000 = 10.52

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) = -0.6134
FCF Yield = -0.0059
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 = 0.666
Debt = 15.63
Market Cap = 18.65
Weight Debt = Market Cap / (Market Cap + Debt) = 18.65 / (18.65 + 15.63) = 0.5441
Weight Cost Debt = 100% - 0.5441 = 0.4559
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 = 2.36
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.6 + 2.36 * 5.94 + 0 = 0.1662
WACC = (0.666 / 15.63) * (100% - 0.5441) * (1 - 0.21) + 0.1662 + 0.5441 = 3.44
Terminal Value = Discount (-0.6134 * (1 + -0.0059) / (3.44 - -0.0059)) = -12.77
Company Value = ∑ (-0.6134 / (1 + 3.44) ^ 5) = -2.81
Price = (Terminal Value + Company Value) / Count shares = (-12.77 + -2.81) / 738170000 = -21.1