NASDAQ: DKNG - DraftKings 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 = -1.73
CAGR EPS = 17.61%
Key Rate = 0.0458
Excess Key Rate = 2
Price = 33.81 + (33.81 * 17.61% / 100) = 39.76

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) = -1.76
Ebitda Yield = 0.2627
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 = 0.0027
Debt = 1.27
Market Cap = 12.33
Weight Debt = Market Cap / (Market Cap + Debt) = 12.33 / (12.33 + 1.27) = 0.9069
Weight Cost Debt = 100% - 0.9069 = 0.0931
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) = 2.6
β = -1.08
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.6 + -1.08 * 5.94 + 0 = -0.0379
WACC = (0.0027 / 1.27) * (100% - 0.9069) * (1 - 0.21) + -0.0379 + 0.9069 = 0.1314
Terminal Value = Discount (-1.76 * (1 + 0.2627) / (0.1314 - 0.2627)) = -8.47
Company Value = ∑ (-1.76 / (1 + 0.1314) ^ 5) = -5.81
Price = (Terminal Value + Company Value) / Count shares = (-8.47 + -5.81) / 462600000 = -30.87

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) = -0.1105
FCF Yield = -0.0082
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 = 0.0027
Debt = 1.27
Market Cap = 12.33
Weight Debt = Market Cap / (Market Cap + Debt) = 12.33 / (12.33 + 1.27) = 0.9069
Weight Cost Debt = 100% - 0.9069 = 0.0931
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) = 2.6
β = -1.08
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.6 + -1.08 * 5.94 + 0 = -0.0379
WACC = (0.0027 / 1.27) * (100% - 0.9069) * (1 - 0.21) + -0.0379 + 0.9069 = 0.1314
Terminal Value = Discount (-0.1105 * (1 + -0.0082) / (0.1314 - -0.0082)) = -11.48
Company Value = ∑ (-0.1105 / (1 + 0.1314) ^ 5) = -0.5595
Price = (Terminal Value + Company Value) / Count shares = (-11.48 + -0.5595) / 462600000 = -26.03