NASDAQ: AKAM - Akamai Technologies

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 = 3.52
CAGR EPS = 3.98%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 3.52 * (1 + 3.98%) / (0.0433 * 2) = 42.31

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) = 1.42
Ebitda Yield = 0.0272
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 = 0.0177
Debt = 3.76
Market Cap = 15.31
Weight Debt = Market Cap / (Market Cap + Debt) = 15.31 / (15.31 + 3.76) = 0.8028
Weight Cost Debt = 100% - 0.8028 = 0.1972
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 = 1.73
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + 1.73 * 5.94 + 0 = 0.1308
WACC = (0.0177 / 3.76) * (100% - 0.8028) * (1 - 0.21) + 0.1308 + 0.8028 = 0.474
Terminal Value = Discount (1.42 * (1 + 0.0272) / (0.474 - 0.0272)) = 63.41
Company Value = ∑ (1.42 / (1 + 0.474) ^ 5) = 6.63
Price = (Terminal Value + Company Value) / Count shares = (63.41 + 6.63) / 155400000 = 450.71

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) = 0.7381
FCF Yield = 0.036
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 = 0.0177
Debt = 3.76
Market Cap = 15.31
Weight Debt = Market Cap / (Market Cap + Debt) = 15.31 / (15.31 + 3.76) = 0.8028
Weight Cost Debt = 100% - 0.8028 = 0.1972
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 = 1.73
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + 1.73 * 5.94 + 0 = 0.1308
WACC = (0.0177 / 3.76) * (100% - 0.8028) * (1 - 0.21) + 0.1308 + 0.8028 = 0.474
Terminal Value = Discount (0.7381 * (1 + 0.036) / (0.474 - 0.036)) = 23.88
Company Value = ∑ (0.7381 / (1 + 0.474) ^ 5) = 3.39
Price = (Terminal Value + Company Value) / Count shares = (23.88 + 3.39) / 155400000 = 175.5