NASDAQ: CAR - Avis Budget Group, 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 = 42.06
CAGR EPS = 60.17%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 92.07 + (92.07 * 60.17% / 100) = 147.46

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) = 29.09
Ebitda Yield = 0.3873
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 = 1.07
Debt = 24.34
Market Cap = 8.81
Weight Debt = Market Cap / (Market Cap + Debt) = 8.81 / (8.81 + 24.34) = 0.2658
Weight Cost Debt = 100% - 0.2658 = 0.7342
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 = 3.99
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + 3.99 * 5.94 + 0 = 0.2653
WACC = (1.07 / 24.34) * (100% - 0.2658) * (1 - 0.21) + 0.2653 + 0.2658 = 3.53
Terminal Value = Discount (29.09 * (1 + 0.3873) / (3.53 - 0.3873)) = 96.38
Company Value = ∑ (29.09 / (1 + 3.53) ^ 5) = 74.07
Price = (Terminal Value + Company Value) / Count shares = (96.38 + 74.07) / 38800000 = 4392.89

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) = -12.57
FCF Yield = 0.0157
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 = 1.07
Debt = 24.34
Market Cap = 8.81
Weight Debt = Market Cap / (Market Cap + Debt) = 8.81 / (8.81 + 24.34) = 0.2658
Weight Cost Debt = 100% - 0.2658 = 0.7342
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 = 3.99
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + 3.99 * 5.94 + 0 = 0.2653
WACC = (1.07 / 24.34) * (100% - 0.2658) * (1 - 0.21) + 0.2653 + 0.2658 = 3.53
Terminal Value = Discount (-12.57 * (1 + 0.0157) / (3.53 - 0.0157)) = -548.76
Company Value = ∑ (-12.57 / (1 + 3.53) ^ 5) = -54.93
Price = (Terminal Value + Company Value) / Count shares = (-548.76 + -54.93) / 38800000 = -15559.04