NASDAQ: SMCI - Super Micro Computer, 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 = 2.01
CAGR EPS = 4.63%
Key Rate = 0.0458
Excess Key Rate = 2
Price = 2.01 * (1 + 4.63%) / (0.0458 * 2) = 22.92

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) = 9.62
Ebitda Yield = 0.4948
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 = 0.0194
Debt = 2.17
Market Cap = 12.78
Weight Debt = Market Cap / (Market Cap + Debt) = 12.78 / (12.78 + 2.17) = 0.8546
Weight Cost Debt = 100% - 0.8546 = 0.1454
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 = -3.4
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.75 + -3.4 * 5.94 + 0 = -0.1745
WACC = (0.0194 / 2.17) * (100% - 0.8546) * (1 - 0.21) + -0.1745 + 0.8546 = 0.548
Terminal Value = Discount (9.62 * (1 + 0.4948) / (0.548 - 0.4948)) = 28.58
Company Value = ∑ (9.62 / (1 + 0.548) ^ 5) = 24.65
Price = (Terminal Value + Company Value) / Count shares = (28.58 + 24.65) / 55970000 = 951.05

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) = -48.23
FCF Yield = 0.8105
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 = 0.0194
Debt = 2.17
Market Cap = 12.78
Weight Debt = Market Cap / (Market Cap + Debt) = 12.78 / (12.78 + 2.17) = 0.8546
Weight Cost Debt = 100% - 0.8546 = 0.1454
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 = -3.4
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.75 + -3.4 * 5.94 + 0 = -0.1745
WACC = (0.0194 / 2.17) * (100% - 0.8546) * (1 - 0.21) + -0.1745 + 0.8546 = 0.548
Terminal Value = Discount (-48.23 * (1 + 0.8105) / (0.548 - 0.8105)) = -105.54
Company Value = ∑ (-48.23 / (1 + 0.548) ^ 5) = -99.97
Price = (Terminal Value + Company Value) / Count shares = (-105.54 + -99.97) / 55970000 = -3671.78