NASDAQ: WDFC - WD-40 Company

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 = 5.13
CAGR EPS = 2.97%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 5.13 * (1 + 2.97%) / (0.0433 * 2) = 60.98

Price = (DPS * (1 + g)) / (Cost Of Equity - g)
Price - 价格公道
DPS — 当期股息
g — 预期增长率
DPS = 3.58
g = 0.0537
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) = 3
β = 1.04
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 3 + 1.04 * 5.94 + 0 = 0.092
Price = (3.58 * (1 + 0.0537)) / (0.092 - 0.0537) = 98.58

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) = 0.1241
Ebitda Yield = 0.0336
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 = 0.0043
Debt = 0.1028
Market Cap = 2.91
Weight Debt = Market Cap / (Market Cap + Debt) = 2.91 / (2.91 + 0.1028) = 0.9659
Weight Cost Debt = 100% - 0.9659 = 0.0341
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) = 3
β = 1.04
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 3 + 1.04 * 5.94 + 0 = 0.092
WACC = (0.0043 / 0.1028) * (100% - 0.9659) * (1 - 0.21) + 0.092 + 0.9659 = 3.35
Terminal Value = Discount (0.1241 * (1 + 0.0336) / (3.35 - 0.0336)) = 1812.47
Company Value = ∑ (0.1241 / (1 + 3.35) ^ 5) = 0.5263
Price = (Terminal Value + Company Value) / Count shares = (1812.47 + 0.5263) / 13580000 = 133504.73

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) = 0.1313
FCF Yield = 0.0837
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 = 0.0043
Debt = 0.1028
Market Cap = 2.91
Weight Debt = Market Cap / (Market Cap + Debt) = 2.91 / (2.91 + 0.1028) = 0.9659
Weight Cost Debt = 100% - 0.9659 = 0.0341
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) = 3
β = 1.04
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 3 + 1.04 * 5.94 + 0 = 0.092
WACC = (0.0043 / 0.1028) * (100% - 0.9659) * (1 - 0.21) + 0.092 + 0.9659 = 3.35
Terminal Value = Discount (0.1313 * (1 + 0.0837) / (3.35 - 0.0837)) = 2.4
Company Value = ∑ (0.1313 / (1 + 3.35) ^ 5) = 0.5074
Price = (Terminal Value + Company Value) / Count shares = (2.4 + 0.5074) / 13580000 = 214.34