NASDAQ: LQDT - Liquidity Services, 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 = 0.6319
CAGR EPS = 50.13%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 0.6319 * (1 + 50.13%) / (0.0433 * 2) = 10.96

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) = 0.3403
Ebitda Yield = 0.5714
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 = 0.000248
Debt = 0.0142
Market Cap = 0.5592
Weight Debt = Market Cap / (Market Cap + Debt) = 0.5592 / (0.5592 + 0.0142) = 0.9752
Weight Cost Debt = 100% - 0.9752 = 0.0248
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 = -2.87
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + -2.87 * 5.94 + 0 = -0.1423
WACC = (0.000248 / 0.0142) * (100% - 0.9752) * (1 - 0.21) + -0.1423 + 0.9752 = 1.22
Terminal Value = Discount (0.3403 * (1 + 0.5714) / (1.22 - 0.5714)) = 0.9001
Company Value = ∑ (0.3403 / (1 + 1.22) ^ 5) = 0.8002
Price = (Terminal Value + Company Value) / Count shares = (0.9001 + 0.8002) / 31630000 = 53.75

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) = 0.232
FCF Yield = 0.3049
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 = 0.000248
Debt = 0.0142
Market Cap = 0.5592
Weight Debt = Market Cap / (Market Cap + Debt) = 0.5592 / (0.5592 + 0.0142) = 0.9752
Weight Cost Debt = 100% - 0.9752 = 0.0248
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 = -2.87
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + -2.87 * 5.94 + 0 = -0.1423
WACC = (0.000248 / 0.0142) * (100% - 0.9752) * (1 - 0.21) + -0.1423 + 0.9752 = 1.22
Terminal Value = Discount (0.232 * (1 + 0.3049) / (1.22 - 0.3049)) = 0.9733
Company Value = ∑ (0.232 / (1 + 1.22) ^ 5) = 0.7
Price = (Terminal Value + Company Value) / Count shares = (0.9733 + 0.7) / 31630000 = 52.9