NASDAQ: SNEX - StoneX Group 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 = 7.71
CAGR EPS = 11.47%
Key Rate = 0.0458
Excess Key Rate = 2
Price = 78.66 + (78.66 * 11.47% / 100) = 87.68

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) = 4.24
Ebitda Yield = 0.2822
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 = 0.8022
Debt = 6.33
Market Cap = 2.03
Weight Debt = Market Cap / (Market Cap + Debt) = 2.03 / (2.03 + 6.33) = 0.2429
Weight Cost Debt = 100% - 0.2429 = 0.7571
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) = 2.6
β = 2.88
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.6 + 2.88 * 5.94 + 0 = 0.1968
WACC = (0.8022 / 6.33) * (100% - 0.2429) * (1 - 0.21) + 0.1968 + 0.2429 = 10.04
Terminal Value = Discount (4.24 * (1 + 0.2822) / (10.04 - 0.2822)) = 18.52
Company Value = ∑ (4.24 / (1 + 10.04) ^ 5) = 9.9
Price = (Terminal Value + Company Value) / Count shares = (18.52 + 9.9) / 30930000 = 918.63

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) = 0.117
FCF Yield = -0.0392
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 = 0.8022
Debt = 6.33
Market Cap = 2.03
Weight Debt = Market Cap / (Market Cap + Debt) = 2.03 / (2.03 + 6.33) = 0.2429
Weight Cost Debt = 100% - 0.2429 = 0.7571
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) = 2.6
β = 2.88
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.6 + 2.88 * 5.94 + 0 = 0.1968
WACC = (0.8022 / 6.33) * (100% - 0.2429) * (1 - 0.21) + 0.1968 + 0.2429 = 10.04
Terminal Value = Discount (0.117 * (1 + -0.0392) / (10.04 - -0.0392)) = 0.4992
Company Value = ∑ (0.117 / (1 + 10.04) ^ 5) = 0.4844
Price = (Terminal Value + Company Value) / Count shares = (0.4992 + 0.4844) / 30930000 = 31.8