NASDAQ: EBAY - eBay

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 = 5.19
CAGR EPS = 19.96%
Key Rate = 0.0458
Excess Key Rate = 2
Price = 53.08 + (53.08 * 19.96% / 100) = 63.67

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 = 1.08
g = -0.9968
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) = 2.75
β = 1.41
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.75 + 1.41 * 5.94 + 0 = 0.111
Price = (1.08 * (1 + -0.9968)) / (0.111 - -0.9968) = 0.0031

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) = 2.16
Ebitda Yield = -0.028
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 = 0.263
Debt = 7.84
Market Cap = 22.88
Weight Debt = Market Cap / (Market Cap + Debt) = 22.88 / (22.88 + 7.84) = 0.7448
Weight Cost Debt = 100% - 0.7448 = 0.2552
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) = 2.75
β = 1.41
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.75 + 1.41 * 5.94 + 0 = 0.111
WACC = (0.263 / 7.84) * (100% - 0.7448) * (1 - 0.21) + 0.111 + 0.7448 = 2.71
Terminal Value = Discount (2.16 * (1 + -0.028) / (2.71 - -0.028)) = 33.23
Company Value = ∑ (2.16 / (1 + 2.71) ^ 5) = 10.56
Price = (Terminal Value + Company Value) / Count shares = (33.23 + 10.56) / 533000000 = 82.17

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) = 1.6
FCF Yield = -0.0408
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 = 0.263
Debt = 7.84
Market Cap = 22.88
Weight Debt = Market Cap / (Market Cap + Debt) = 22.88 / (22.88 + 7.84) = 0.7448
Weight Cost Debt = 100% - 0.7448 = 0.2552
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) = 2.75
β = 1.41
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.75 + 1.41 * 5.94 + 0 = 0.111
WACC = (0.263 / 7.84) * (100% - 0.7448) * (1 - 0.21) + 0.111 + 0.7448 = 2.71
Terminal Value = Discount (1.6 * (1 + -0.0408) / (2.71 - -0.0408)) = 19.74
Company Value = ∑ (1.6 / (1 + 2.71) ^ 5) = 8.06
Price = (Terminal Value + Company Value) / Count shares = (19.74 + 8.06) / 533000000 = 52.16