NASDAQ: NVDA - NVIDIA

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 = 1.19
CAGR EPS = 11.3%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 1.19 * (1 + 11.3%) / (0.0433 * 2) = 15.34

Price = (DPS * (1 + g)) / (Cost Of Equity - g)
Price - 价格公道
DPS — 当期股息
g — 预期增长率
DPS = 0.044
g = 1.72
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 = 2.05
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + 2.05 * 5.94 + 0 = 0.1502
Price = (0.044 * (1 + 1.72)) / (0.1502 - 1.72) = 0.0763

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) = 832.57
Ebitda Yield = 0.576
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 = 0.257
Debt = 11.06
Market Cap = 1070
Weight Debt = Market Cap / (Market Cap + Debt) = 1070 / (1070 + 11.06) = 0.9898
Weight Cost Debt = 100% - 0.9898 = 0.0102
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 = 2.05
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + 2.05 * 5.94 + 0 = 0.1502
WACC = (0.257 / 11.06) * (100% - 0.9898) * (1 - 0.21) + 0.1502 + 0.9898 = 1.97
Terminal Value = Discount (832.57 * (1 + 0.576) / (1.97 - 0.576)) = 2139.76
Company Value = ∑ (832.57 / (1 + 1.97) ^ 5) = 1897.14
Price = (Terminal Value + Company Value) / Count shares = (2139.76 + 1897.14) / 24940000000 = 161.86

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) = 519.79
FCF Yield = 0.5357
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 = 0.257
Debt = 11.06
Market Cap = 1070
Weight Debt = Market Cap / (Market Cap + Debt) = 1070 / (1070 + 11.06) = 0.9898
Weight Cost Debt = 100% - 0.9898 = 0.0102
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 = 2.05
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + 2.05 * 5.94 + 0 = 0.1502
WACC = (0.257 / 11.06) * (100% - 0.9898) * (1 - 0.21) + 0.1502 + 0.9898 = 1.97
Terminal Value = Discount (519.79 * (1 + 0.5357) / (1.97 - 0.5357)) = 1403.32
Company Value = ∑ (519.79 / (1 + 1.97) ^ 5) = 1222.22
Price = (Terminal Value + Company Value) / Count shares = (1403.32 + 1222.22) / 24940000000 = 105.27