NASDAQ: IDXX - IDEXX

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 = 10.69
CAGR EPS = 9.76%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 10.69 * (1 + 9.76%) / (0.0433 * 2) = 135.49

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) = 1.67
Ebitda Yield = 0.0815
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 = 0.0185
Debt = 0.9479
Market Cap = 40.16
Weight Debt = Market Cap / (Market Cap + Debt) = 40.16 / (40.16 + 0.9479) = 0.9769
Weight Cost Debt = 100% - 0.9769 = 0.0231
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 = -0.0337
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + -0.0337 * 5.94 + 0 = 0.0262
WACC = (0.0185 / 0.9479) * (100% - 0.9769) * (1 - 0.21) + 0.0262 + 0.9769 = 1.55
Terminal Value = Discount (1.67 * (1 + 0.0815) / (1.55 - 0.0815)) = 25.33
Company Value = ∑ (1.67 / (1 + 1.55) ^ 5) = 6.84
Price = (Terminal Value + Company Value) / Count shares = (25.33 + 6.84) / 83060000 = 387.31

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) = 1.12
FCF Yield = 0.067
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 = 0.0185
Debt = 0.9479
Market Cap = 40.16
Weight Debt = Market Cap / (Market Cap + Debt) = 40.16 / (40.16 + 0.9479) = 0.9769
Weight Cost Debt = 100% - 0.9769 = 0.0231
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 = -0.0337
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + -0.0337 * 5.94 + 0 = 0.0262
WACC = (0.0185 / 0.9479) * (100% - 0.9769) * (1 - 0.21) + 0.0262 + 0.9769 = 1.55
Terminal Value = Discount (1.12 * (1 + 0.067) / (1.55 - 0.067)) = 21.44
Company Value = ∑ (1.12 / (1 + 1.55) ^ 5) = 4.7
Price = (Terminal Value + Company Value) / Count shares = (21.44 + 4.7) / 83060000 = 314.67