NASDAQ: ARRY - Array Technologies, 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 = 0.9028
CAGR EPS = 22.21%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 10.42 + (10.42 * 22.21% / 100) = 12.73

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) = 0.5815
Ebitda Yield = 0.1605
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 = 0.0442
Debt = 0.6882
Market Cap = 3.2
Weight Debt = Market Cap / (Market Cap + Debt) = 3.2 / (3.2 + 0.6882) = 0.823
Weight Cost Debt = 100% - 0.823 = 0.177
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) = 2.75
β = -0.1726
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.75 + -0.1726 * 5.94 + 0 = 0.0172
WACC = (0.0442 / 0.6882) * (100% - 0.823) * (1 - 0.21) + 0.0172 + 0.823 = 5.05
Terminal Value = Discount (0.5815 * (1 + 0.1605) / (5.05 - 0.1605)) = 4.79
Company Value = ∑ (0.5815 / (1 + 5.05) ^ 5) = 1.88
Price = (Terminal Value + Company Value) / Count shares = (4.79 + 1.88) / 152020000 = 43.91

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) = 0.1358
FCF Yield = -0.0878
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 = 0.0442
Debt = 0.6882
Market Cap = 3.2
Weight Debt = Market Cap / (Market Cap + Debt) = 3.2 / (3.2 + 0.6882) = 0.823
Weight Cost Debt = 100% - 0.823 = 0.177
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) = 2.75
β = -0.1726
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.75 + -0.1726 * 5.94 + 0 = 0.0172
WACC = (0.0442 / 0.6882) * (100% - 0.823) * (1 - 0.21) + 0.0172 + 0.823 = 5.05
Terminal Value = Discount (0.1358 * (1 + -0.0878) / (5.05 - -0.0878)) = 0.7001
Company Value = ∑ (0.1358 / (1 + 5.05) ^ 5) = 0.7179
Price = (Terminal Value + Company Value) / Count shares = (0.7001 + 0.7179) / 152020000 = 9.33