NASDAQ: RMBS - Rambus 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 = 3.01
CAGR EPS = 42.67%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 3.01 * (1 + 42.67%) / (0.0433 * 2) = 49.61

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) = 1.44
Ebitda Yield = 0.4299
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 = 0.0015
Debt = 0.0307
Market Cap = 5.65
Weight Debt = Market Cap / (Market Cap + Debt) = 5.65 / (5.65 + 0.0307) = 0.9946
Weight Cost Debt = 100% - 0.9946 = 0.0054
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 = 0.0533
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + 0.0533 * 5.94 + 0 = 0.0314
WACC = (0.0015 / 0.0307) * (100% - 0.9946) * (1 - 0.21) + 0.0314 + 0.9946 = 3.83
Terminal Value = Discount (1.44 * (1 + 0.4299) / (3.83 - 0.4299)) = 4.36
Company Value = ∑ (1.44 / (1 + 3.83) ^ 5) = 3.48
Price = (Terminal Value + Company Value) / Count shares = (4.36 + 3.48) / 110890000 = 70.71

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) = 0.2281
FCF Yield = 0.0574
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 = 0.0015
Debt = 0.0307
Market Cap = 5.65
Weight Debt = Market Cap / (Market Cap + Debt) = 5.65 / (5.65 + 0.0307) = 0.9946
Weight Cost Debt = 100% - 0.9946 = 0.0054
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 = 0.0533
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + 0.0533 * 5.94 + 0 = 0.0314
WACC = (0.0015 / 0.0307) * (100% - 0.9946) * (1 - 0.21) + 0.0314 + 0.9946 = 3.83
Terminal Value = Discount (0.2281 * (1 + 0.0574) / (3.83 - 0.0574)) = 10.43
Company Value = ∑ (0.2281 / (1 + 3.83) ^ 5) = 0.9117
Price = (Terminal Value + Company Value) / Count shares = (10.43 + 0.9117) / 110890000 = 102.28