NASDAQ: ILMN - Illumina

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 = -7.69
CAGR EPS = 8.66%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 106.38 + (106.38 * 8.66% / 100) = 115.59

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) = 0.1044
Ebitda Yield = -1.66
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 = 0.077
Debt = 1.58
Market Cap = 26.47
Weight Debt = Market Cap / (Market Cap + Debt) = 26.47 / (26.47 + 1.58) = 0.9438
Weight Cost Debt = 100% - 0.9438 = 0.0562
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 = 5.09
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + 5.09 * 5.94 + 0 = 0.3304
WACC = (0.077 / 1.58) * (100% - 0.9438) * (1 - 0.21) + 0.3304 + 0.9438 = 4.14
Terminal Value = Discount (0.1044 * (1 + -1.66) / (4.14 - -1.66)) = -0.0331
Company Value = ∑ (0.1044 / (1 + 4.14) ^ 5) = 0.3562
Price = (Terminal Value + Company Value) / Count shares = (-0.0331 + 0.3562) / 159000000 = 2.03

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) = 0.5703
FCF Yield = -0.0388
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 = 0.077
Debt = 1.58
Market Cap = 26.47
Weight Debt = Market Cap / (Market Cap + Debt) = 26.47 / (26.47 + 1.58) = 0.9438
Weight Cost Debt = 100% - 0.9438 = 0.0562
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 = 5.09
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + 5.09 * 5.94 + 0 = 0.3304
WACC = (0.077 / 1.58) * (100% - 0.9438) * (1 - 0.21) + 0.3304 + 0.9438 = 4.14
Terminal Value = Discount (0.5703 * (1 + -0.0388) / (4.14 - -0.0388)) = 5.58
Company Value = ∑ (0.5703 / (1 + 4.14) ^ 5) = 2.75
Price = (Terminal Value + Company Value) / Count shares = (5.58 + 2.75) / 159000000 = 52.42