NASDAQ: NTRA - Natera, 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 = -3.78
CAGR EPS = 16.13%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 110.07 + (110.07 * 16.13% / 100) = 127.82

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) = -0.948
Ebitda Yield = 0.1986
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 = 0.0126
Debt = 0.375
Market Cap = 6.03
Weight Debt = Market Cap / (Market Cap + Debt) = 6.03 / (6.03 + 0.375) = 0.9415
Weight Cost Debt = 100% - 0.9415 = 0.0585
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) = 2.75
β = 4.19
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.75 + 4.19 * 5.94 + 0 = 0.2762
WACC = (0.0126 / 0.375) * (100% - 0.9415) * (1 - 0.21) + 0.2762 + 0.9415 = 2.9
Terminal Value = Discount (-0.948 * (1 + 0.1986) / (2.9 - 0.1986)) = -5.81
Company Value = ∑ (-0.948 / (1 + 2.9) ^ 5) = -3.1
Price = (Terminal Value + Company Value) / Count shares = (-5.81 + -3.1) / 115000000 = -77.46

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) = -0.9274
FCF Yield = 0.2651
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 = 0.0126
Debt = 0.375
Market Cap = 6.03
Weight Debt = Market Cap / (Market Cap + Debt) = 6.03 / (6.03 + 0.375) = 0.9415
Weight Cost Debt = 100% - 0.9415 = 0.0585
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) = 2.75
β = 4.19
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.75 + 4.19 * 5.94 + 0 = 0.2762
WACC = (0.0126 / 0.375) * (100% - 0.9415) * (1 - 0.21) + 0.2762 + 0.9415 = 2.9
Terminal Value = Discount (-0.9274 * (1 + 0.2651) / (2.9 - 0.2651)) = -4.31
Company Value = ∑ (-0.9274 / (1 + 2.9) ^ 5) = -2.77
Price = (Terminal Value + Company Value) / Count shares = (-4.31 + -2.77) / 115000000 = -61.58