US: CNLHP - The Connecticut Light and Power Company

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 = 133065.94
CAGR EPS = 350.66%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 40 + (40 * 350.66% / 100) = 180.26

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 = 2.25
g = 488.27
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) = 2.39
β = 0.0456
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.39 + 0.0456 * 5.94 + 0 = 0.0266
Price = (2.25 * (1 + 488.27)) / (0.0266 - 488.27) = 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) = 2314960.8
Ebitda Yield = 2.95
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 = 1111.34
Debt = 28747.57
Market Cap = 0
Weight Debt = Market Cap / (Market Cap + Debt) = 0 / (0 + 28747.57) = 0
Weight Cost Debt = 100% - 0 = 1
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) = 2.39
β = 0.0456
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.39 + 0.0456 * 5.94 + 0 = 0.0266
WACC = (1111.34 / 28747.57) * (100% - 0) * (1 - 0.21) + 0.0266 + 0 = 3.05
Terminal Value = Discount (2314960.8 * (1 + 2.95) / (3.05 - 2.95)) = 2694818.94
Company Value = ∑ (2314960.8 / (1 + 3.05) ^ 5) = 2691559.87
Price = (Terminal Value + Company Value) / Count shares = (2694818.94 + 2691559.87) / 6100000 = 883012919.61

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) = 4374242.87
FCF Yield = 3.58
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 = 1111.34
Debt = 28747.57
Market Cap = 0
Weight Debt = Market Cap / (Market Cap + Debt) = 0 / (0 + 28747.57) = 0
Weight Cost Debt = 100% - 0 = 1
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) = 2.39
β = 0.0456
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.39 + 0.0456 * 5.94 + 0 = 0.0266
WACC = (1111.34 / 28747.57) * (100% - 0) * (1 - 0.21) + 0.0266 + 0 = 3.05
Terminal Value = Discount (4374242.87 * (1 + 3.58) / (3.05 - 3.58)) = 4854620.69
Company Value = ∑ (4374242.87 / (1 + 3.05) ^ 5) = 4851834.71
Price = (Terminal Value + Company Value) / Count shares = (4854620.69 + 4851834.71) / 6100000 = 1591222195.4