NYSE: AZUL - Azul S.A.

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 = -6.85
CAGR EPS = 8.66%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 5.73 + (5.73 * 8.66% / 100) = 6.23

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) = 8.81
Ebitda Yield = 0.1378
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 = 5.36
Debt = 14.59
Market Cap = 1.11
Weight Debt = Market Cap / (Market Cap + Debt) = 1.11 / (1.11 + 14.59) = 0.0707
Weight Cost Debt = 100% - 0.0707 = 0.9293
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 = -6.64
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.75 + -6.64 * 5.94 + 0 = -0.3668
WACC = (5.36 / 14.59) * (100% - 0.0707) * (1 - 0.21) + -0.3668 + 0.0707 = 29
Terminal Value = Discount (8.81 * (1 + 0.1378) / (29 - 0.1378)) = 18.44
Company Value = ∑ (8.81 / (1 + 29) ^ 5) = 16.1
Price = (Terminal Value + Company Value) / Count shares = (18.44 + 16.1) / 347530000 = 99.37

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) = 5.01
FCF Yield = 0.152
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 = 5.36
Debt = 14.59
Market Cap = 1.11
Weight Debt = Market Cap / (Market Cap + Debt) = 1.11 / (1.11 + 14.59) = 0.0707
Weight Cost Debt = 100% - 0.0707 = 0.9293
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 = -6.64
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.75 + -6.64 * 5.94 + 0 = -0.3668
WACC = (5.36 / 14.59) * (100% - 0.0707) * (1 - 0.21) + -0.3668 + 0.0707 = 29
Terminal Value = Discount (5.01 * (1 + 0.152) / (29 - 0.152)) = 11.7
Company Value = ∑ (5.01 / (1 + 29) ^ 5) = 8.9
Price = (Terminal Value + Company Value) / Count shares = (11.7 + 8.9) / 347530000 = 59.26