NASDAQ: VRTX - Vertex

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 = 13.89
CAGR EPS = 25.24%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 13.89 * (1 + 25.24%) / (0.0433 * 2) = 200.94

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) = 11.78
Ebitda Yield = 0.2066
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 = 0.0441
Debt = 0.8084
Market Cap = 89
Weight Debt = Market Cap / (Market Cap + Debt) = 89 / (89 + 0.8084) = 0.991
Weight Cost Debt = 100% - 0.991 = 0.009
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 = 0.4458
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + 0.4458 * 5.94 + 0 = 0.0547
WACC = (0.0441 / 0.8084) * (100% - 0.991) * (1 - 0.21) + 0.0547 + 0.991 = 4.32
Terminal Value = Discount (11.78 * (1 + 0.2066) / (4.32 - 0.2066)) = 70.39
Company Value = ∑ (11.78 / (1 + 4.32) ^ 5) = 36.39
Price = (Terminal Value + Company Value) / Count shares = (70.39 + 36.39) / 260500000 = 409.92

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 FCF(5) * (1 + FCF Yield) / (WACC - FCF Yield)
Company Value = ∑ (Discount FCF / (1 + WACC) ^ 5)
Discount FCF(5) = 6.22
FCF Yield = 0.1367
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 = 0.0441
Debt = 0.8084
Market Cap = 89
Weight Debt = Market Cap / (Market Cap + Debt) = 89 / (89 + 0.8084) = 0.991
Weight Cost Debt = 100% - 0.991 = 0.009
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 = 0.4458
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + 0.4458 * 5.94 + 0 = 0.0547
WACC = (0.0441 / 0.8084) * (100% - 0.991) * (1 - 0.21) + 0.0547 + 0.991 = 4.32
Terminal Value = Discount (6.22 * (1 + 0.1367) / (4.32 - 0.1367)) = 61.23
Company Value = ∑ (6.22 / (1 + 4.32) ^ 5) = 21.37
Price = (Terminal Value + Company Value) / Count shares = (61.23 + 21.37) / 260500000 = 317.08