NASDAQ: AFRM - Affirm Holdings, Inc.

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 = -1.67
CAGR EPS = 25.52%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 42.22 + (42.22 * 25.52% / 100) = 52.99

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) = -0.000183
Ebitda Yield = -0.3937
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 = 0.3443
Debt = 6.61
Market Cap = 4.29
Weight Debt = Market Cap / (Market Cap + Debt) = 4.29 / (4.29 + 6.61) = 0.3934
Weight Cost Debt = 100% - 0.3934 = 0.6066
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 = 1.48
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.39 + 1.48 * 5.94 + 0 = 0.112
WACC = (0.3443 / 6.61) * (100% - 0.3934) * (1 - 0.21) + 0.112 + 0.3934 = 4.14
Terminal Value = Discount (-0.000183 * (1 + -0.3937) / (4.14 - -0.3937)) = -0.000208
Company Value = ∑ (-0.000183 / (1 + 4.14) ^ 5) = -0.0029
Price = (Terminal Value + Company Value) / Count shares = (-0.000208 + -0.0029) / 309860000 = -0.01

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) = 1.12
FCF Yield = 0.3104
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 = 0.3443
Debt = 6.61
Market Cap = 4.29
Weight Debt = Market Cap / (Market Cap + Debt) = 4.29 / (4.29 + 6.61) = 0.3934
Weight Cost Debt = 100% - 0.3934 = 0.6066
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 = 1.48
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.39 + 1.48 * 5.94 + 0 = 0.112
WACC = (0.3443 / 6.61) * (100% - 0.3934) * (1 - 0.21) + 0.112 + 0.3934 = 4.14
Terminal Value = Discount (1.12 * (1 + 0.3104) / (4.14 - 0.3104)) = 4.47
Company Value = ∑ (1.12 / (1 + 4.14) ^ 5) = 3.05
Price = (Terminal Value + Company Value) / Count shares = (4.47 + 3.05) / 309860000 = 24.27