NASDAQ: FIVN - Five9

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 = -0.1717
CAGR EPS = 8.66%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 46.26 + (46.26 * 8.66% / 100) = 50.26

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) = 0.0123
Ebitda Yield = -1.75
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 = 0.0148
Debt = 1.23
Market Cap = 5.1
Weight Debt = Market Cap / (Market Cap + Debt) = 5.1 / (5.1 + 1.23) = 0.8053
Weight Cost Debt = 100% - 0.8053 = 0.1947
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 = 1.85
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + 1.85 * 5.94 + 0 = 0.1383
WACC = (0.0148 / 1.23) * (100% - 0.8053) * (1 - 0.21) + 0.1383 + 0.8053 = 1.05
Terminal Value = Discount (0.0123 * (1 + -1.75) / (1.05 - -1.75)) = -0.005
Company Value = ∑ (0.0123 / (1 + 1.05) ^ 5) = 0.0269
Price = (Terminal Value + Company Value) / Count shares = (-0.005 + 0.0269) / 74500000 = 0.2938

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) = 0.2287
FCF Yield = 0.178
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 = 0.0148
Debt = 1.23
Market Cap = 5.1
Weight Debt = Market Cap / (Market Cap + Debt) = 5.1 / (5.1 + 1.23) = 0.8053
Weight Cost Debt = 100% - 0.8053 = 0.1947
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 = 1.85
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + 1.85 * 5.94 + 0 = 0.1383
WACC = (0.0148 / 1.23) * (100% - 0.8053) * (1 - 0.21) + 0.1383 + 0.8053 = 1.05
Terminal Value = Discount (0.2287 * (1 + 0.178) / (1.05 - 0.178)) = 1.53
Company Value = ∑ (0.2287 / (1 + 1.05) ^ 5) = 0.8172
Price = (Terminal Value + Company Value) / Count shares = (1.53 + 0.8172) / 74500000 = 31.45