NASDAQ: LOPE - Grand Canyon Education, Inc.

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 = 6.8
CAGR EPS = 4.83%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 6.8 * (1 + 4.83%) / (0.0433 * 2) = 82.31

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 Ebitda(5) * (1 + Ebitda Yield) / (WACC - Ebitda Yield)
Company Value = ∑ (Discount Ebitda / (1 + WACC) ^ 5)
Discount Ebitda(5) = 0.2489
Ebitda Yield = -0.0313
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 = 3.3E-5
Debt = 0.0993
Market Cap = 3.36
Weight Debt = Market Cap / (Market Cap + Debt) = 3.36 / (3.36 + 0.0993) = 0.9713
Weight Cost Debt = 100% - 0.9713 = 0.0287
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 = -3.17
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + -3.17 * 5.94 + 0 = -0.1598
WACC = (3.3E-5 / 0.0993) * (100% - 0.9713) * (1 - 0.21) + -0.1598 + 0.9713 = -0.1292
Terminal Value = Discount (0.2489 * (1 + -0.0313) / (-0.1292 - -0.0313)) = 8.1
Company Value = ∑ (0.2489 / (1 + -0.1292) ^ 5) = 1.33
Price = (Terminal Value + Company Value) / Count shares = (8.1 + 1.33) / 30150000 = 312.77

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) = 0.149
FCF Yield = -0.0555
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 = 3.3E-5
Debt = 0.0993
Market Cap = 3.36
Weight Debt = Market Cap / (Market Cap + Debt) = 3.36 / (3.36 + 0.0993) = 0.9713
Weight Cost Debt = 100% - 0.9713 = 0.0287
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 = -3.17
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + -3.17 * 5.94 + 0 = -0.1598
WACC = (3.3E-5 / 0.0993) * (100% - 0.9713) * (1 - 0.21) + -0.1598 + 0.9713 = -0.1292
Terminal Value = Discount (0.149 * (1 + -0.0555) / (-0.1292 - -0.0555)) = 2.61
Company Value = ∑ (0.149 / (1 + -0.1292) ^ 5) = 0.8409
Price = (Terminal Value + Company Value) / Count shares = (2.61 + 0.8409) / 30150000 = 114.54