NYSE: BILL - Bill.com 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 = -0.2722
CAGR EPS = 8.66%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 81.44 + (81.44 * 8.66% / 100) = 88.49

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) = 0.3747
Ebitda Yield = 0.313
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 = 0.0192
Debt = 0.9768
Market Cap = 11.79
Weight Debt = Market Cap / (Market Cap + Debt) = 11.79 / (11.79 + 0.9768) = 0.9235
Weight Cost Debt = 100% - 0.9235 = 0.0765
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) = 2.89
β = 10.6
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.89 + 10.6 * 5.94 + 0 = 0.6585
WACC = (0.0192 / 0.9768) * (100% - 0.9235) * (1 - 0.21) + 0.6585 + 0.9235 = 2.15
Terminal Value = Discount (0.3747 * (1 + 0.313) / (2.15 - 0.313)) = 1.52
Company Value = ∑ (0.3747 / (1 + 2.15) ^ 5) = 1.09
Price = (Terminal Value + Company Value) / Count shares = (1.52 + 1.09) / 106100000 = 24.53

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) = 2.88
FCF Yield = 0.6202
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 = 0.0192
Debt = 0.9768
Market Cap = 11.79
Weight Debt = Market Cap / (Market Cap + Debt) = 11.79 / (11.79 + 0.9768) = 0.9235
Weight Cost Debt = 100% - 0.9235 = 0.0765
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) = 2.89
β = 10.6
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.89 + 10.6 * 5.94 + 0 = 0.6585
WACC = (0.0192 / 0.9768) * (100% - 0.9235) * (1 - 0.21) + 0.6585 + 0.9235 = 2.15
Terminal Value = Discount (2.88 * (1 + 0.6202) / (2.15 - 0.6202)) = 7.01
Company Value = ∑ (2.88 / (1 + 2.15) ^ 5) = 6.31
Price = (Terminal Value + Company Value) / Count shares = (7.01 + 6.31) / 106100000 = 125.48