NASDAQ: CRAI - CRA International, Inc.

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 = 6.75
CAGR EPS = 17.08%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 6.75 * (1 + 17.08%) / (0.0433 * 2) = 91.3

Price = (DPS * (1 + g)) / (Cost Of Equity - g)
Price - 价格公道
DPS — 当期股息
g — 预期增长率
DPS = 2.24
g = 0.1387
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 = 1.34
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + 1.34 * 5.94 + 0 = 0.1079
Price = (2.24 * (1 + 0.1387)) / (0.1079 - 0.1387) = 82.81

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) = 0.1443
Ebitda Yield = 0.0815
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 = 0.0044
Debt = 0.1032
Market Cap = 0.7488
Weight Debt = Market Cap / (Market Cap + Debt) = 0.7488 / (0.7488 + 0.1032) = 0.8788
Weight Cost Debt = 100% - 0.8788 = 0.1212
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 = 1.34
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + 1.34 * 5.94 + 0 = 0.1079
WACC = (0.0044 / 0.1032) * (100% - 0.8788) * (1 - 0.21) + 0.1079 + 0.8788 = 3.45
Terminal Value = Discount (0.1443 * (1 + 0.0815) / (3.45 - 0.0815)) = 2.8
Company Value = ∑ (0.1443 / (1 + 3.45) ^ 5) = 0.5582
Price = (Terminal Value + Company Value) / Count shares = (2.8 + 0.5582) / 6910000 = 485.53

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 FCF(5) * (1 + FCF Yield) / (WACC - FCF Yield)
Company Value = ∑ (Discount FCF / (1 + WACC) ^ 5)
Discount FCF(5) = 0.0297
FCF Yield = -0.0217
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 = 0.0044
Debt = 0.1032
Market Cap = 0.7488
Weight Debt = Market Cap / (Market Cap + Debt) = 0.7488 / (0.7488 + 0.1032) = 0.8788
Weight Cost Debt = 100% - 0.8788 = 0.1212
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 = 1.34
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + 1.34 * 5.94 + 0 = 0.1079
WACC = (0.0044 / 0.1032) * (100% - 0.8788) * (1 - 0.21) + 0.1079 + 0.8788 = 3.45
Terminal Value = Discount (0.0297 * (1 + -0.0217) / (3.45 - -0.0217)) = 0.4361
Company Value = ∑ (0.0297 / (1 + 3.45) ^ 5) = 0.1405
Price = (Terminal Value + Company Value) / Count shares = (0.4361 + 0.1405) / 6910000 = 83.44