NASDAQ: AEIS - Advanced Energy Industries, Inc.

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 = 3.4
CAGR EPS = 14.99%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 3.4 * (1 + 14.99%) / (0.0433 * 2) = 45.12

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 = 0.4
g = 0.3539
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 = 1.2
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + 1.2 * 5.94 + 0 = 0.0994
Price = (0.4 * (1 + 0.3539)) / (0.0994 - 0.3539) = 2.13

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) = 0.1365
Ebitda Yield = 0.0372
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 = 0.0166
Debt = 0.9334
Market Cap = 4.19
Weight Debt = Market Cap / (Market Cap + Debt) = 4.19 / (4.19 + 0.9334) = 0.8178
Weight Cost Debt = 100% - 0.8178 = 0.1822
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 = 1.2
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + 1.2 * 5.94 + 0 = 0.0994
WACC = (0.0166 / 0.9334) * (100% - 0.8178) * (1 - 0.21) + 0.0994 + 0.8178 = 1.47
Terminal Value = Discount (0.1365 * (1 + 0.0372) / (1.47 - 0.0372)) = 5.86
Company Value = ∑ (0.1365 / (1 + 1.47) ^ 5) = 0.6073
Price = (Terminal Value + Company Value) / Count shares = (5.86 + 0.6073) / 37750000 = 171.33

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) = 0.6852
FCF Yield = 0.3588
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 = 0.0166
Debt = 0.9334
Market Cap = 4.19
Weight Debt = Market Cap / (Market Cap + Debt) = 4.19 / (4.19 + 0.9334) = 0.8178
Weight Cost Debt = 100% - 0.8178 = 0.1822
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 = 1.2
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + 1.2 * 5.94 + 0 = 0.0994
WACC = (0.0166 / 0.9334) * (100% - 0.8178) * (1 - 0.21) + 0.0994 + 0.8178 = 1.47
Terminal Value = Discount (0.6852 * (1 + 0.3588) / (1.47 - 0.3588)) = 2.52
Company Value = ∑ (0.6852 / (1 + 1.47) ^ 5) = 1.93
Price = (Terminal Value + Company Value) / Count shares = (2.52 + 1.93) / 37750000 = 117.79