NASDAQ: EXPE - Expedia Group

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 = 5.31
CAGR EPS = 7.07%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 5.31 * (1 + 7.07%) / (0.0433 * 2) = 65.59

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) = 2.27
Ebitda Yield = 0.0182
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 = 0.245
Debt = 6.28
Market Cap = 15.37
Weight Debt = Market Cap / (Market Cap + Debt) = 15.37 / (15.37 + 6.28) = 0.71
Weight Cost Debt = 100% - 0.71 = 0.29
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 = 3.51
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.89 + 3.51 * 5.94 + 0 = 0.2373
WACC = (0.245 / 6.28) * (100% - 0.71) * (1 - 0.21) + 0.2373 + 0.71 = 3.23
Terminal Value = Discount (2.27 * (1 + 0.0182) / (3.23 - 0.0182)) = 139.44
Company Value = ∑ (2.27 / (1 + 3.23) ^ 5) = 9.93
Price = (Terminal Value + Company Value) / Count shares = (139.44 + 9.93) / 150230000 = 994.32

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) = 2.06
FCF Yield = 0.022
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 = 0.245
Debt = 6.28
Market Cap = 15.37
Weight Debt = Market Cap / (Market Cap + Debt) = 15.37 / (15.37 + 6.28) = 0.71
Weight Cost Debt = 100% - 0.71 = 0.29
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 = 3.51
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.89 + 3.51 * 5.94 + 0 = 0.2373
WACC = (0.245 / 6.28) * (100% - 0.71) * (1 - 0.21) + 0.2373 + 0.71 = 3.23
Terminal Value = Discount (2.06 * (1 + 0.022) / (3.23 - 0.022)) = 174.35
Company Value = ∑ (2.06 / (1 + 3.23) ^ 5) = 8.95
Price = (Terminal Value + Company Value) / Count shares = (174.35 + 8.95) / 150230000 = 1220.14