NASDAQ: FTNT - Fortinet

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 = 1.46
CAGR EPS = 31.3%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 1.46 * (1 + 31.3%) / (0.0433 * 2) = 22.08

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) = 3.09
Ebitda Yield = 0.2004
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 = 0.021
Debt = 1.03
Market Cap = 44.89
Weight Debt = Market Cap / (Market Cap + Debt) = 44.89 / (44.89 + 1.03) = 0.9777
Weight Cost Debt = 100% - 0.9777 = 0.0223
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) = 3
β = 3.66
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 3 + 3.66 * 5.94 + 0 = 0.2473
WACC = (0.021 / 1.03) * (100% - 0.9777) * (1 - 0.21) + 0.2473 + 0.9777 = 1.84
Terminal Value = Discount (3.09 * (1 + 0.2004) / (1.84 - 0.2004)) = 18.63
Company Value = ∑ (3.09 / (1 + 1.84) ^ 5) = 10.44
Price = (Terminal Value + Company Value) / Count shares = (18.63 + 10.44) / 788200000 = 36.87

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) = 3.55
FCF Yield = 0.1546
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 = 0.021
Debt = 1.03
Market Cap = 44.89
Weight Debt = Market Cap / (Market Cap + Debt) = 44.89 / (44.89 + 1.03) = 0.9777
Weight Cost Debt = 100% - 0.9777 = 0.0223
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) = 3
β = 3.66
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 3 + 3.66 * 5.94 + 0 = 0.2473
WACC = (0.021 / 1.03) * (100% - 0.9777) * (1 - 0.21) + 0.2473 + 0.9777 = 1.84
Terminal Value = Discount (3.55 * (1 + 0.1546) / (1.84 - 0.1546)) = 27.5
Company Value = ∑ (3.55 / (1 + 1.84) ^ 5) = 12.81
Price = (Terminal Value + Company Value) / Count shares = (27.5 + 12.81) / 788200000 = 51.14