NYSE: APRN - Blue Apron Holdings, 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 = -3.02
CAGR EPS = 9.16%
Key Rate = 0.0458
Excess Key Rate = 2
Price = 12.95 + (12.95 * 9.16% / 100) = 14.13

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) = -0.1449
Ebitda Yield = 0.1901
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 = 0.000331
Debt = 0.0599
Market Cap = 0.0561
Weight Debt = Market Cap / (Market Cap + Debt) = 0.0561 / (0.0561 + 0.0599) = 0.4836
Weight Cost Debt = 100% - 0.4836 = 0.5164
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 = 0
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.6 + 0 * 5.94 + 0 = 0.026
WACC = (0.000331 / 0.0599) * (100% - 0.4836) * (1 - 0.21) + 0.026 + 0.4836 = 0.447
Terminal Value = Discount (-0.1449 * (1 + 0.1901) / (0.447 - 0.1901)) = -0.9086
Company Value = ∑ (-0.1449 / (1 + 0.447) ^ 5) = -0.5195
Price = (Terminal Value + Company Value) / Count shares = (-0.9086 + -0.5195) / 36340000 = -39.3

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) = -0.2273
FCF Yield = 0.2357
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 = 0.000331
Debt = 0.0599
Market Cap = 0.0561
Weight Debt = Market Cap / (Market Cap + Debt) = 0.0561 / (0.0561 + 0.0599) = 0.4836
Weight Cost Debt = 100% - 0.4836 = 0.5164
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 = 0
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.6 + 0 * 5.94 + 0 = 0.026
WACC = (0.000331 / 0.0599) * (100% - 0.4836) * (1 - 0.21) + 0.026 + 0.4836 = 0.447
Terminal Value = Discount (-0.2273 * (1 + 0.2357) / (0.447 - 0.2357)) = -1.19
Company Value = ∑ (-0.2273 / (1 + 0.447) ^ 5) = -0.7663
Price = (Terminal Value + Company Value) / Count shares = (-1.19 + -0.7663) / 36340000 = -53.78