NASDAQ: ADSK - Autodesk

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 = 4.19
CAGR EPS = 34.19%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 4.19 * (1 + 34.19%) / (0.0433 * 2) = 64.99

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) = 2.64
Ebitda Yield = 0.1675
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 = 0.008
Debt = 2.63
Market Cap = 42.68
Weight Debt = Market Cap / (Market Cap + Debt) = 42.68 / (42.68 + 2.63) = 0.942
Weight Cost Debt = 100% - 0.942 = 0.058
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 = 2.29
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + 2.29 * 5.94 + 0 = 0.1642
WACC = (0.008 / 2.63) * (100% - 0.942) * (1 - 0.21) + 0.1642 + 0.942 = 0.3931
Terminal Value = Discount (2.64 * (1 + 0.1675) / (0.3931 - 0.1675)) = 18.51
Company Value = ∑ (2.64 / (1 + 0.3931) ^ 5) = 9.8
Price = (Terminal Value + Company Value) / Count shares = (18.51 + 9.8) / 216000000 = 131.07

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) = 1.22
FCF Yield = -0.0094
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 = 0.008
Debt = 2.63
Market Cap = 42.68
Weight Debt = Market Cap / (Market Cap + Debt) = 42.68 / (42.68 + 2.63) = 0.942
Weight Cost Debt = 100% - 0.942 = 0.058
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 = 2.29
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + 2.29 * 5.94 + 0 = 0.1642
WACC = (0.008 / 2.63) * (100% - 0.942) * (1 - 0.21) + 0.1642 + 0.942 = 0.3931
Terminal Value = Discount (1.22 * (1 + -0.0094) / (0.3931 - -0.0094)) = 89.14
Company Value = ∑ (1.22 / (1 + 0.3931) ^ 5) = 6.16
Price = (Terminal Value + Company Value) / Count shares = (89.14 + 6.16) / 216000000 = 441.2