NASDAQ: LULU - Lululemon Athletica

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 = 12.2
CAGR EPS = 19.87%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 12.2 * (1 + 19.87%) / (0.0433 * 2) = 168.87

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) = 6.18
Ebitda Yield = 0.1905
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 = 0.7913
Debt = 1.4
Market Cap = 48.45
Weight Debt = Market Cap / (Market Cap + Debt) = 48.45 / (48.45 + 1.4) = 0.9719
Weight Cost Debt = 100% - 0.9719 = 0.0281
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) = 2.89
β = 4.94
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.89 + 4.94 * 5.94 + 0 = 0.3222
WACC = (0.7913 / 1.4) * (100% - 0.9719) * (1 - 0.21) + 0.3222 + 0.9719 = 44.43
Terminal Value = Discount (6.18 * (1 + 0.1905) / (44.43 - 0.1905)) = 4.62
Company Value = ∑ (6.18 / (1 + 44.43) ^ 5) = 7.52
Price = (Terminal Value + Company Value) / Count shares = (4.62 + 7.52) / 127060000 = 95.49

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 FCF(5) * (1 + FCF Yield) / (WACC - FCF Yield)
Company Value = ∑ (Discount FCF / (1 + WACC) ^ 5)
Discount FCF(5) = 5.41
FCF Yield = 0.2688
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 = 0.7913
Debt = 1.4
Market Cap = 48.45
Weight Debt = Market Cap / (Market Cap + Debt) = 48.45 / (48.45 + 1.4) = 0.9719
Weight Cost Debt = 100% - 0.9719 = 0.0281
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) = 2.89
β = 4.94
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.89 + 4.94 * 5.94 + 0 = 0.3222
WACC = (0.7913 / 1.4) * (100% - 0.9719) * (1 - 0.21) + 0.3222 + 0.9719 = 44.43
Terminal Value = Discount (5.41 * (1 + 0.2688) / (44.43 - 0.2688)) = 6.22
Company Value = ∑ (5.41 / (1 + 44.43) ^ 5) = 5.67
Price = (Terminal Value + Company Value) / Count shares = (6.22 + 5.67) / 127060000 = 93.58