NASDAQ: TZOO - Travelzoo

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 = 0.8264
CAGR EPS = 18.75%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 0.8264 * (1 + 18.75%) / (0.0433 * 2) = 11.33

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) = 0.0254
Ebitda Yield = 0.0775
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 = 0.0023
Debt = 0.0092
Market Cap = 0.1047
Weight Debt = Market Cap / (Market Cap + Debt) = 0.1047 / (0.1047 + 0.0092) = 0.9188
Weight Cost Debt = 100% - 0.9188 = 0.0812
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 = 3.81
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.75 + 3.81 * 5.94 + 0 = 0.254
WACC = (0.0023 / 0.0092) * (100% - 0.9188) * (1 - 0.21) + 0.254 + 0.9188 = 20.1
Terminal Value = Discount (0.0254 * (1 + 0.0775) / (20.1 - 0.0775)) = 0.0886
Company Value = ∑ (0.0254 / (1 + 20.1) ^ 5) = 0.0638
Price = (Terminal Value + Company Value) / Count shares = (0.0886 + 0.0638) / 14960000 = 10.19

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) = 0.01
FCF Yield = -0.0086
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 = 0.0023
Debt = 0.0092
Market Cap = 0.1047
Weight Debt = Market Cap / (Market Cap + Debt) = 0.1047 / (0.1047 + 0.0092) = 0.9188
Weight Cost Debt = 100% - 0.9188 = 0.0812
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 = 3.81
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.75 + 3.81 * 5.94 + 0 = 0.254
WACC = (0.0023 / 0.0092) * (100% - 0.9188) * (1 - 0.21) + 0.254 + 0.9188 = 20.1
Terminal Value = Discount (0.01 * (1 + -0.0086) / (20.1 - -0.0086)) = 0.0189
Company Value = ∑ (0.01 / (1 + 20.1) ^ 5) = 0.0304
Price = (Terminal Value + Company Value) / Count shares = (0.0189 + 0.0304) / 14960000 = 3.29