NASDAQ: CENTA - Central Garden & Pet Company

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 = 1.62
CAGR EPS = -5.99%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 1.62 * (1 + -5.99%) / (0.0433 * 2) = 17.53

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) = 0.3251
Ebitda Yield = 0.0226
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 = 0.0575
Debt = 1.42
Market Cap = 2.24
Weight Debt = Market Cap / (Market Cap + Debt) = 2.24 / (2.24 + 1.42) = 0.6119
Weight Cost Debt = 100% - 0.6119 = 0.3881
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 = -0.9727
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + -0.9727 * 5.94 + 0 = -0.0296
WACC = (0.0575 / 1.42) * (100% - 0.6119) * (1 - 0.21) + -0.0296 + 0.6119 = 3.16
Terminal Value = Discount (0.3251 * (1 + 0.0226) / (3.16 - 0.0226)) = 31.44
Company Value = ∑ (0.3251 / (1 + 3.16) ^ 5) = 1.42
Price = (Terminal Value + Company Value) / Count shares = (31.44 + 1.42) / 66860000 = 491.47

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) = 0.5119
FCF Yield = 0.0779
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 = 0.0575
Debt = 1.42
Market Cap = 2.24
Weight Debt = Market Cap / (Market Cap + Debt) = 2.24 / (2.24 + 1.42) = 0.6119
Weight Cost Debt = 100% - 0.6119 = 0.3881
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 = -0.9727
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + -0.9727 * 5.94 + 0 = -0.0296
WACC = (0.0575 / 1.42) * (100% - 0.6119) * (1 - 0.21) + -0.0296 + 0.6119 = 3.16
Terminal Value = Discount (0.5119 * (1 + 0.0779) / (3.16 - 0.0779)) = 10.2
Company Value = ∑ (0.5119 / (1 + 3.16) ^ 5) = 2.01
Price = (Terminal Value + Company Value) / Count shares = (10.2 + 2.01) / 66860000 = 182.59