NASDAQ: MELI - MercadoLibre, 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 = 37.69
CAGR EPS = 384.02%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 37.69 * (1 + 384.02%) / (0.0433 * 2) = 2106.78

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) = 21.53
Ebitda Yield = 0.4597
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 = 0.165
Debt = 6.85
Market Cap = 60.09
Weight Debt = Market Cap / (Market Cap + Debt) = 60.09 / (60.09 + 6.85) = 0.8977
Weight Cost Debt = 100% - 0.8977 = 0.1023
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 = -0.9008
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + -0.9008 * 5.94 + 0 = -0.0253
WACC = (0.165 / 6.85) * (100% - 0.8977) * (1 - 0.21) + -0.0253 + 0.8977 = 1.86
Terminal Value = Discount (21.53 * (1 + 0.4597) / (1.86 - 0.4597)) = 64.96
Company Value = ∑ (21.53 / (1 + 1.86) ^ 5) = 54.21
Price = (Terminal Value + Company Value) / Count shares = (64.96 + 54.21) / 50700000 = 2350.39

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) = 37.75
FCF Yield = 0.3985
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 = 0.165
Debt = 6.85
Market Cap = 60.09
Weight Debt = Market Cap / (Market Cap + Debt) = 60.09 / (60.09 + 6.85) = 0.8977
Weight Cost Debt = 100% - 0.8977 = 0.1023
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 = -0.9008
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + -0.9008 * 5.94 + 0 = -0.0253
WACC = (0.165 / 6.85) * (100% - 0.8977) * (1 - 0.21) + -0.0253 + 0.8977 = 1.86
Terminal Value = Discount (37.75 * (1 + 0.3985) / (1.86 - 0.3985)) = 126.74
Company Value = ∑ (37.75 / (1 + 1.86) ^ 5) = 100.75
Price = (Terminal Value + Company Value) / Count shares = (126.74 + 100.75) / 50700000 = 4487.09