NASDAQ: SPSC - SPS Commerce, 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 = 1.76
CAGR EPS = 13.32%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 1.76 * (1 + 13.32%) / (0.0433 * 2) = 22.98

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) = 0.1949
Ebitda Yield = 0.12
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 = 0.000142
Debt = 0.014
Market Cap = 6.17
Weight Debt = Market Cap / (Market Cap + Debt) = 6.17 / (6.17 + 0.014) = 0.9977
Weight Cost Debt = 100% - 0.9977 = 0.0023
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 = 2.56
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + 2.56 * 5.94 + 0 = 0.1805
WACC = (0.000142 / 0.014) * (100% - 0.9977) * (1 - 0.21) + 0.1805 + 0.9977 = 0.9717
Terminal Value = Discount (0.1949 * (1 + 0.12) / (0.9717 - 0.12)) = 1.89
Company Value = ∑ (0.1949 / (1 + 0.9717) ^ 5) = 0.7628
Price = (Terminal Value + Company Value) / Count shares = (1.89 + 0.7628) / 37480000 = 70.68

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 FCF(5) * (1 + FCF Yield) / (WACC - FCF Yield)
Company Value = ∑ (Discount FCF / (1 + WACC) ^ 5)
Discount FCF(5) = 0.1926
FCF Yield = 0.1134
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 = 0.000142
Debt = 0.014
Market Cap = 6.17
Weight Debt = Market Cap / (Market Cap + Debt) = 6.17 / (6.17 + 0.014) = 0.9977
Weight Cost Debt = 100% - 0.9977 = 0.0023
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 = 2.56
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + 2.56 * 5.94 + 0 = 0.1805
WACC = (0.000142 / 0.014) * (100% - 0.9977) * (1 - 0.21) + 0.1805 + 0.9977 = 0.9717
Terminal Value = Discount (0.1926 * (1 + 0.1134) / (0.9717 - 0.1134)) = 1.97
Company Value = ∑ (0.1926 / (1 + 0.9717) ^ 5) = 0.7617
Price = (Terminal Value + Company Value) / Count shares = (1.97 + 0.7617) / 37480000 = 72.89