NASDAQ: ORLY - O'Reilly Automotive

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 = 40.66
CAGR EPS = 11.56%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 40.66 * (1 + 11.56%) / (0.0433 * 2) = 523.72

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) = 3.73
Ebitda Yield = 0.0278
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 = 0.2225
Debt = 5.96
Market Cap = 56.52
Weight Debt = Market Cap / (Market Cap + Debt) = 56.52 / (56.52 + 5.96) = 0.9046
Weight Cost Debt = 100% - 0.9046 = 0.0954
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 = -0.6318
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + -0.6318 * 5.94 + 0 = -0.0093
WACC = (0.2225 / 5.96) * (100% - 0.9046) * (1 - 0.21) + -0.0093 + 0.9046 = 2.91
Terminal Value = Discount (3.73 * (1 + 0.0278) / (2.91 - 0.0278)) = 2540.13
Company Value = ∑ (3.73 / (1 + 2.91) ^ 5) = 16.19
Price = (Terminal Value + Company Value) / Count shares = (2540.13 + 16.19) / 58710000 = 43541.5

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) = 1.79
FCF Yield = -0.0247
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 = 0.2225
Debt = 5.96
Market Cap = 56.52
Weight Debt = Market Cap / (Market Cap + Debt) = 56.52 / (56.52 + 5.96) = 0.9046
Weight Cost Debt = 100% - 0.9046 = 0.0954
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 = -0.6318
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + -0.6318 * 5.94 + 0 = -0.0093
WACC = (0.2225 / 5.96) * (100% - 0.9046) * (1 - 0.21) + -0.0093 + 0.9046 = 2.91
Terminal Value = Discount (1.79 * (1 + -0.0247) / (2.91 - -0.0247)) = 28.06
Company Value = ∑ (1.79 / (1 + 2.91) ^ 5) = 8.65
Price = (Terminal Value + Company Value) / Count shares = (28.06 + 8.65) / 58710000 = 625.21