NASDAQ: PENN - Penn National Gaming, 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 = -3.22
CAGR EPS = 8.66%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 21.78 + (21.78 * 8.66% / 100) = 23.66

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) = 0.1686
Ebitda Yield = -0.1588
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 = 0.4647
Debt = 3.15
Market Cap = 3.47
Weight Debt = Market Cap / (Market Cap + Debt) = 3.47 / (3.47 + 3.15) = 0.5242
Weight Cost Debt = 100% - 0.5242 = 0.4758
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) = 2.89
β = 0.3027
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.89 + 0.3027 * 5.94 + 0 = 0.0469
WACC = (0.4647 / 3.15) * (100% - 0.5242) * (1 - 0.21) + 0.0469 + 0.5242 = 11.62
Terminal Value = Discount (0.1686 * (1 + -0.1588) / (11.62 - -0.1588)) = 0.2976
Company Value = ∑ (0.1686 / (1 + 11.62) ^ 5) = 0.9266
Price = (Terminal Value + Company Value) / Count shares = (0.2976 + 0.9266) / 152100000 = 8.05

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) = 0.0171
FCF Yield = -0.2544
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 = 0.4647
Debt = 3.15
Market Cap = 3.47
Weight Debt = Market Cap / (Market Cap + Debt) = 3.47 / (3.47 + 3.15) = 0.5242
Weight Cost Debt = 100% - 0.5242 = 0.4758
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) = 2.89
β = 0.3027
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.89 + 0.3027 * 5.94 + 0 = 0.0469
WACC = (0.4647 / 3.15) * (100% - 0.5242) * (1 - 0.21) + 0.0469 + 0.5242 = 11.62
Terminal Value = Discount (0.0171 * (1 + -0.2544) / (11.62 - -0.2544)) = 0.0198
Company Value = ∑ (0.0171 / (1 + 11.62) ^ 5) = 0.1291
Price = (Terminal Value + Company Value) / Count shares = (0.0198 + 0.1291) / 152100000 = 0.9788