XETRA: HEI - HeidelbergCement AG

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 = 2.74
CAGR EPS = -15.63%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 2.74 * (1 + -15.63%) / (0.0433 * 2) = 26.69

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 = 0.2
g = 0.0332
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) = 2.82
β = 0
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + 0 * 5.94 + 0 = 0.0282
Price = (0.2 * (1 + 0.0332)) / (0.0282 - 0.0332) = 41.18

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) = 4.21
Ebitda Yield = 0.0148
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 = 0.0117
Debt = 0.7546
Market Cap = 19.89
Weight Debt = Market Cap / (Market Cap + Debt) = 19.89 / (19.89 + 0.7546) = 0.9634
Weight Cost Debt = 100% - 0.9634 = 0.0366
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) = 2.82
β = 0
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + 0 * 5.94 + 0 = 0.0282
WACC = (0.0117 / 0.7546) * (100% - 0.9634) * (1 - 0.21) + 0.0282 + 0.9634 = 1.24
Terminal Value = Discount (4.21 * (1 + 0.0148) / (1.24 - 0.0148)) = 1659.64
Company Value = ∑ (4.21 / (1 + 1.24) ^ 5) = 19.71
Price = (Terminal Value + Company Value) / Count shares = (1659.64 + 19.71) / 138000000 = 12169.18

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) = 2.27
FCF Yield = 0.0387
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 = 0.0117
Debt = 0.7546
Market Cap = 19.89
Weight Debt = Market Cap / (Market Cap + Debt) = 19.89 / (19.89 + 0.7546) = 0.9634
Weight Cost Debt = 100% - 0.9634 = 0.0366
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) = 2.82
β = 0
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + 0 * 5.94 + 0 = 0.0282
WACC = (0.0117 / 0.7546) * (100% - 0.9634) * (1 - 0.21) + 0.0282 + 0.9634 = 1.24
Terminal Value = Discount (2.27 * (1 + 0.0387) / (1.24 - 0.0387)) = 84.09
Company Value = ∑ (2.27 / (1 + 1.24) ^ 5) = 10.13
Price = (Terminal Value + Company Value) / Count shares = (84.09 + 10.13) / 138000000 = 682.8