NYSE: SHEL - Shell plc

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 = 5.69
CAGR EPS = 7.83%
Key Rate = 0.0458
Excess Key Rate = 2
Price = 5.69 * (1 + 7.83%) / (0.0458 * 2) = 67.03

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 = 2.73
g = 0.1418
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 = -0.4292
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.6 + -0.4292 * 5.94 + 0 = 0.000507
Price = (2.73 * (1 + 0.1418)) / (0.000507 - 0.1418) = 22.02

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) = 40
Ebitda Yield = -0.0326
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 = 4.44
Debt = 58.48
Market Cap = 200.88
Weight Debt = Market Cap / (Market Cap + Debt) = 200.88 / (200.88 + 58.48) = 0.7745
Weight Cost Debt = 100% - 0.7745 = 0.2255
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 = -0.4292
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.6 + -0.4292 * 5.94 + 0 = 0.000507
WACC = (4.44 / 58.48) * (100% - 0.7745) * (1 - 0.21) + 0.000507 + 0.7745 = 5.95
Terminal Value = Discount (40 * (1 + -0.0326) / (5.95 - -0.0326)) = 314.3
Company Value = ∑ (40 / (1 + 5.95) ^ 5) = 181.16
Price = (Terminal Value + Company Value) / Count shares = (314.3 + 181.16) / 3399900000 = 145.73

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) = 40.13
FCF Yield = 0.068
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 = 4.44
Debt = 58.48
Market Cap = 200.88
Weight Debt = Market Cap / (Market Cap + Debt) = 200.88 / (200.88 + 58.48) = 0.7745
Weight Cost Debt = 100% - 0.7745 = 0.2255
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 = -0.4292
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.6 + -0.4292 * 5.94 + 0 = 0.000507
WACC = (4.44 / 58.48) * (100% - 0.7745) * (1 - 0.21) + 0.000507 + 0.7745 = 5.95
Terminal Value = Discount (40.13 * (1 + 0.068) / (5.95 - 0.068)) = 3792.04
Company Value = ∑ (40.13 / (1 + 5.95) ^ 5) = 147.9
Price = (Terminal Value + Company Value) / Count shares = (3792.04 + 147.9) / 3399900000 = 1158.84