NASDAQ: ALGN - Align Technology

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 = 5.81
CAGR EPS = 1%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 5.81 * (1 + 1%) / (0.0433 * 2) = 67.79

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) = 0.6508
Ebitda Yield = 0.0023
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 = 0.0021
Debt = 0.097
Market Cap = 26.81
Weight Debt = Market Cap / (Market Cap + Debt) = 26.81 / (26.81 + 0.097) = 0.9964
Weight Cost Debt = 100% - 0.9964 = 0.0036
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) = 2.89
β = -0.0772
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.89 + -0.0772 * 5.94 + 0 = 0.0243
WACC = (0.0021 / 0.097) * (100% - 0.9964) * (1 - 0.21) + 0.0243 + 0.9964 = 1.75
Terminal Value = Discount (0.6508 * (1 + 0.0023) / (1.75 - 0.0023)) = 39.52
Company Value = ∑ (0.6508 / (1 + 1.75) ^ 5) = 3.08
Price = (Terminal Value + Company Value) / Count shares = (39.52 + 3.08) / 76570000 = 556.34

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) = 0.6166
FCF Yield = 0.0028
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 = 0.0021
Debt = 0.097
Market Cap = 26.81
Weight Debt = Market Cap / (Market Cap + Debt) = 26.81 / (26.81 + 0.097) = 0.9964
Weight Cost Debt = 100% - 0.9964 = 0.0036
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) = 2.89
β = -0.0772
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.89 + -0.0772 * 5.94 + 0 = 0.0243
WACC = (0.0021 / 0.097) * (100% - 0.9964) * (1 - 0.21) + 0.0243 + 0.9964 = 1.75
Terminal Value = Discount (0.6166 * (1 + 0.0028) / (1.75 - 0.0028)) = 38.64
Company Value = ∑ (0.6166 / (1 + 1.75) ^ 5) = 2.91
Price = (Terminal Value + Company Value) / Count shares = (38.64 + 2.91) / 76570000 = 542.69