NASDAQ: NSIT - Insight Enterprises, 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 = 7.55
CAGR EPS = 11.26%
Key Rate = 0.0458
Excess Key Rate = 2
Price = 7.55 * (1 + 11.26%) / (0.0458 * 2) = 91.75

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 Ebitda(5) * (1 + Ebitda Yield) / (WACC - Ebitda Yield)
Company Value = ∑ (Discount Ebitda / (1 + WACC) ^ 5)
Discount Ebitda(5) = 0.7735
Ebitda Yield = 0.093
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 = 0.0411
Debt = 1.17
Market Cap = 5.34
Weight Debt = Market Cap / (Market Cap + Debt) = 5.34 / (5.34 + 1.17) = 0.82
Weight Cost Debt = 100% - 0.82 = 0.18
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 = 0.3705
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.6 + 0.3705 * 5.94 + 0 = 0.048
WACC = (0.0411 / 1.17) * (100% - 0.82) * (1 - 0.21) + 0.048 + 0.82 = 2.79
Terminal Value = Discount (0.7735 * (1 + 0.093) / (2.79 - 0.093)) = 11.31
Company Value = ∑ (0.7735 / (1 + 2.79) ^ 5) = 2.99
Price = (Terminal Value + Company Value) / Count shares = (11.31 + 2.99) / 37240000 = 383.99

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) = 3.9
FCF Yield = 0.4637
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 = 0.0411
Debt = 1.17
Market Cap = 5.34
Weight Debt = Market Cap / (Market Cap + Debt) = 5.34 / (5.34 + 1.17) = 0.82
Weight Cost Debt = 100% - 0.82 = 0.18
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 = 0.3705
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.6 + 0.3705 * 5.94 + 0 = 0.048
WACC = (0.0411 / 1.17) * (100% - 0.82) * (1 - 0.21) + 0.048 + 0.82 = 2.79
Terminal Value = Discount (3.9 * (1 + 0.4637) / (2.79 - 0.4637)) = 11.41
Company Value = ∑ (3.9 / (1 + 2.79) ^ 5) = 9.46
Price = (Terminal Value + Company Value) / Count shares = (11.41 + 9.46) / 37240000 = 560.53