NASDAQ: NMIH - NMI Holdings, 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 = 3.84
CAGR EPS = 9.23%
Key Rate = 0.0458
Excess Key Rate = 2
Price = 34.28 + (34.28 * 9.23% / 100) = 37.44

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) = 0.0012
Ebitda Yield = -0.3633
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 = 0.0322
Debt = 0.409
Market Cap = 2.33
Weight Debt = Market Cap / (Market Cap + Debt) = 2.33 / (2.33 + 0.409) = 0.8507
Weight Cost Debt = 100% - 0.8507 = 0.1493
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) = 2.6
β = 2.33
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.6 + 2.33 * 5.94 + 0 = 0.1644
WACC = (0.0322 / 0.409) * (100% - 0.8507) * (1 - 0.21) + 0.1644 + 0.8507 = 6.31
Terminal Value = Discount (0.0012 * (1 + -0.3633) / (6.31 - -0.3633)) = 0.0013
Company Value = ∑ (0.0012 / (1 + 6.31) ^ 5) = 0.0159
Price = (Terminal Value + Company Value) / Count shares = (0.0013 + 0.0159) / 83850000 = 0.2055

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) = 0.5077
FCF Yield = 0.0878
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 = 0.0322
Debt = 0.409
Market Cap = 2.33
Weight Debt = Market Cap / (Market Cap + Debt) = 2.33 / (2.33 + 0.409) = 0.8507
Weight Cost Debt = 100% - 0.8507 = 0.1493
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) = 2.6
β = 2.33
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.6 + 2.33 * 5.94 + 0 = 0.1644
WACC = (0.0322 / 0.409) * (100% - 0.8507) * (1 - 0.21) + 0.1644 + 0.8507 = 6.31
Terminal Value = Discount (0.5077 * (1 + 0.0878) / (6.31 - 0.0878)) = 16.45
Company Value = ∑ (0.5077 / (1 + 6.31) ^ 5) = 1.79
Price = (Terminal Value + Company Value) / Count shares = (16.45 + 1.79) / 83850000 = 217.43