NASDAQ: IQ - iQIYI, Inc.

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 = 5.73
CAGR EPS = 21.04%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 3.36 + (3.36 * 21.04% / 100) = 4.06

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) = 43.23
Ebitda Yield = 0.267
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 = 1.13
Debt = 103
Market Cap = 5.01
Weight Debt = Market Cap / (Market Cap + Debt) = 5.01 / (5.01 + 103) = 0.0464
Weight Cost Debt = 100% - 0.0464 = 0.9536
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 = -0.9093
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + -0.9093 * 5.94 + 0 = -0.0258
WACC = (1.13 / 103) * (100% - 0.0464) * (1 - 0.21) + -0.0258 + 0.0464 = 0.8653
Terminal Value = Discount (43.23 * (1 + 0.267) / (0.8653 - 0.267)) = 203.07
Company Value = ∑ (43.23 / (1 + 0.8653) ^ 5) = 138.14
Price = (Terminal Value + Company Value) / Count shares = (203.07 + 138.14) / 971360000 = 351.27

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) = 51.46
FCF Yield = 0.2832
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 = 1.13
Debt = 103
Market Cap = 5.01
Weight Debt = Market Cap / (Market Cap + Debt) = 5.01 / (5.01 + 103) = 0.0464
Weight Cost Debt = 100% - 0.0464 = 0.9536
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 = -0.9093
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + -0.9093 * 5.94 + 0 = -0.0258
WACC = (1.13 / 103) * (100% - 0.0464) * (1 - 0.21) + -0.0258 + 0.0464 = 0.8653
Terminal Value = Discount (51.46 * (1 + 0.2832) / (0.8653 - 0.2832)) = 230.37
Company Value = ∑ (51.46 / (1 + 0.8653) ^ 5) = 161.25
Price = (Terminal Value + Company Value) / Count shares = (230.37 + 161.25) / 971360000 = 403.16