STU: DTE - Deutsche Telekom AG

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 = 5.65
CAGR EPS = 9.16%
Key Rate = 0.0458
Excess Key Rate = 2
Price = 23.63 + (23.63 * 9.16% / 100) = 25.79

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 = 3.81
g = -0.0993
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) = 2.75
β = 1.37
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.75 + 1.37 * 5.94 + 0 = 0.1089
Price = (3.81 * (1 + -0.0993)) / (0.1089 - -0.0993) = 16.49

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) = 0.4474
Ebitda Yield = -0.2999
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 = 0.675
Debt = 19.87
Market Cap = 21.77
Weight Debt = Market Cap / (Market Cap + Debt) = 21.77 / (21.77 + 19.87) = 0.5228
Weight Cost Debt = 100% - 0.5228 = 0.4772
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) = 2.75
β = 1.37
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.75 + 1.37 * 5.94 + 0 = 0.1089
WACC = (0.675 / 19.87) * (100% - 0.5228) * (1 - 0.21) + 0.1089 + 0.5228 = 2.73
Terminal Value = Discount (0.4474 * (1 + -0.2999) / (2.73 - -0.2999)) = 0.8369
Company Value = ∑ (0.4474 / (1 + 2.73) ^ 5) = 4.86
Price = (Terminal Value + Company Value) / Count shares = (0.8369 + 4.86) / 196000000 = 29.04

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) = 37.27
FCF Yield = 0.1391
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 = 0.675
Debt = 19.87
Market Cap = 21.77
Weight Debt = Market Cap / (Market Cap + Debt) = 21.77 / (21.77 + 19.87) = 0.5228
Weight Cost Debt = 100% - 0.5228 = 0.4772
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) = 2.75
β = 1.37
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.75 + 1.37 * 5.94 + 0 = 0.1089
WACC = (0.675 / 19.87) * (100% - 0.5228) * (1 - 0.21) + 0.1089 + 0.5228 = 2.73
Terminal Value = Discount (37.27 * (1 + 0.1391) / (2.73 - 0.1391)) = 331.8
Company Value = ∑ (37.27 / (1 + 2.73) ^ 5) = 133.9
Price = (Terminal Value + Company Value) / Count shares = (331.8 + 133.9) / 196000000 = 2375.99