NASDAQ: BIDU - Baidu

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 = 67.93
CAGR EPS = 1.2%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 99.08 + (99.08 * 1.2% / 100) = 100.27

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) = 75.97
Ebitda Yield = 0.1614
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 = 3.25
Debt = 79.32
Market Cap = 45.04
Weight Debt = Market Cap / (Market Cap + Debt) = 45.04 / (45.04 + 79.32) = 0.3622
Weight Cost Debt = 100% - 0.3622 = 0.6378
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 = -0.38
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + -0.38 * 5.94 + 0 = 0.0056
WACC = (3.25 / 79.32) * (100% - 0.3622) * (1 - 0.21) + 0.0056 + 0.3622 = 3.23
Terminal Value = Discount (75.97 * (1 + 0.1614) / (3.23 - 0.1614)) = 582.81
Company Value = ∑ (75.97 / (1 + 3.23) ^ 5) = 259.6
Price = (Terminal Value + Company Value) / Count shares = (582.81 + 259.6) / 349750000 = 2408.6

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) = 9.7
FCF Yield = -0.0582
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 = 3.25
Debt = 79.32
Market Cap = 45.04
Weight Debt = Market Cap / (Market Cap + Debt) = 45.04 / (45.04 + 79.32) = 0.3622
Weight Cost Debt = 100% - 0.3622 = 0.6378
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 = -0.38
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + -0.38 * 5.94 + 0 = 0.0056
WACC = (3.25 / 79.32) * (100% - 0.3622) * (1 - 0.21) + 0.0056 + 0.3622 = 3.23
Terminal Value = Discount (9.7 * (1 + -0.0582) / (3.23 - -0.0582)) = 86.18
Company Value = ∑ (9.7 / (1 + 3.23) ^ 5) = 50.16
Price = (Terminal Value + Company Value) / Count shares = (86.18 + 50.16) / 349750000 = 389.82