NASDAQ: AMZN - Amazon

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 = 2.9
CAGR EPS = 20.32%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 2.9 * (1 + 20.32%) / (0.0433 * 2) = 40.29

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) = 167.6
Ebitda Yield = 0.144
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 = 3.18
Debt = 77.26
Market Cap = 1370
Weight Debt = Market Cap / (Market Cap + Debt) = 1370 / (1370 + 77.26) = 0.9466
Weight Cost Debt = 100% - 0.9466 = 0.0534
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 = 0.2567
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + 0.2567 * 5.94 + 0 = 0.0435
WACC = (3.18 / 77.26) * (100% - 0.9466) * (1 - 0.21) + 0.0435 + 0.9466 = 3.26
Terminal Value = Discount (167.6 * (1 + 0.144) / (3.26 - 0.144)) = 1465.71
Company Value = ∑ (167.6 / (1 + 3.26) ^ 5) = 587.55
Price = (Terminal Value + Company Value) / Count shares = (1465.71 + 587.55) / 10492000000 = 195.7

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) = 44.39
FCF Yield = 0.0662
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 = 3.18
Debt = 77.26
Market Cap = 1370
Weight Debt = Market Cap / (Market Cap + Debt) = 1370 / (1370 + 77.26) = 0.9466
Weight Cost Debt = 100% - 0.9466 = 0.0534
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 = 0.2567
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + 0.2567 * 5.94 + 0 = 0.0435
WACC = (3.18 / 77.26) * (100% - 0.9466) * (1 - 0.21) + 0.0435 + 0.9466 = 3.26
Terminal Value = Discount (44.39 * (1 + 0.0662) / (3.26 - 0.0662)) = 1201.19
Company Value = ∑ (44.39 / (1 + 3.26) ^ 5) = 177.48
Price = (Terminal Value + Company Value) / Count shares = (1201.19 + 177.48) / 10492000000 = 131.4