NASDAQ: APP - AppLovin Corporation

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 = 0.9838
CAGR EPS = 32.6%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 0.9838 * (1 + 32.6%) / (0.0433 * 2) = 15.06

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) = 3.51
Ebitda Yield = 0.2507
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 = 0.2713
Debt = 3.15
Market Cap = 13.3
Weight Debt = Market Cap / (Market Cap + Debt) = 13.3 / (13.3 + 3.15) = 0.8083
Weight Cost Debt = 100% - 0.8083 = 0.1917
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) = 3
β = -5.34
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 3 + -5.34 * 5.94 + 0 = -0.2874
WACC = (0.2713 / 3.15) * (100% - 0.8083) * (1 - 0.21) + -0.2874 + 0.8083 = 6.51
Terminal Value = Discount (3.51 * (1 + 0.2507) / (6.51 - 0.2507)) = 17.23
Company Value = ∑ (3.51 / (1 + 6.51) ^ 5) = 9.51
Price = (Terminal Value + Company Value) / Count shares = (17.23 + 9.51) / 362590000 = 73.76

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) = 4.27
FCF Yield = 0.3218
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 = 0.2713
Debt = 3.15
Market Cap = 13.3
Weight Debt = Market Cap / (Market Cap + Debt) = 13.3 / (13.3 + 3.15) = 0.8083
Weight Cost Debt = 100% - 0.8083 = 0.1917
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) = 3
β = -5.34
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 3 + -5.34 * 5.94 + 0 = -0.2874
WACC = (0.2713 / 3.15) * (100% - 0.8083) * (1 - 0.21) + -0.2874 + 0.8083 = 6.51
Terminal Value = Discount (4.27 * (1 + 0.3218) / (6.51 - 0.3218)) = 16.03
Company Value = ∑ (4.27 / (1 + 6.51) ^ 5) = 10.58
Price = (Terminal Value + Company Value) / Count shares = (16.03 + 10.58) / 362590000 = 73.38