NASDAQ: DLO - DLocal Limited

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 = 0.4917
CAGR EPS = 57.96%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 0.4917 * (1 + 57.96%) / (0.0433 * 2) = 8.97

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) = 1.28
Ebitda Yield = 0.4738
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 = 0.000578
Debt = 0.004
Market Cap = 5.68
Weight Debt = Market Cap / (Market Cap + Debt) = 5.68 / (5.68 + 0.004) = 0.9993
Weight Cost Debt = 100% - 0.9993 = 0.00070000000000003
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) = 2.89
β = 5.17
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.89 + 5.17 * 5.94 + 0 = 0.3357
WACC = (0.000578 / 0.004) * (100% - 0.9993) * (1 - 0.21) + 0.3357 + 0.9993 = 11.76
Terminal Value = Discount (1.28 * (1 + 0.4738) / (11.76 - 0.4738)) = 3.04
Company Value = ∑ (1.28 / (1 + 11.76) ^ 5) = 2.28
Price = (Terminal Value + Company Value) / Count shares = (3.04 + 2.28) / 302960000 = 17.55

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) = 1.79
FCF Yield = 0.4547
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 = 0.000578
Debt = 0.004
Market Cap = 5.68
Weight Debt = Market Cap / (Market Cap + Debt) = 5.68 / (5.68 + 0.004) = 0.9993
Weight Cost Debt = 100% - 0.9993 = 0.00070000000000003
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) = 2.89
β = 5.17
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.89 + 5.17 * 5.94 + 0 = 0.3357
WACC = (0.000578 / 0.004) * (100% - 0.9993) * (1 - 0.21) + 0.3357 + 0.9993 = 11.76
Terminal Value = Discount (1.79 * (1 + 0.4547) / (11.76 - 0.4547)) = 4.44
Company Value = ∑ (1.79 / (1 + 11.76) ^ 5) = 3.25
Price = (Terminal Value + Company Value) / Count shares = (4.44 + 3.25) / 302960000 = 25.38