NYSE: CHNG - Change Healthcare

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 = -0.1771
CAGR EPS = -180.78%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 0 + (0 * -180.78% / 100) = 1.65

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) = 1872.04
Ebitda Yield = 3.6
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 = 0.2342
Debt = 4.66
Market Cap = 7.56
Weight Debt = Market Cap / (Market Cap + Debt) = 7.56 / (7.56 + 4.66) = 0.6187
Weight Cost Debt = 100% - 0.6187 = 0.3813
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 = 0
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.75 + 0 * 5.94 + 0 = 0.0275
WACC = (0.2342 / 4.66) * (100% - 0.6187) * (1 - 0.21) + 0.0275 + 0.6187 = 3.96
Terminal Value = Discount (1872.04 * (1 + 3.6) / (3.96 - 3.6)) = 1991.33
Company Value = ∑ (1872.04 / (1 + 3.96) ^ 5) = 1990.15
Price = (Terminal Value + Company Value) / Count shares = (1991.33 + 1990.15) / 324000000 = 12288.52

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) = 81.39
FCF Yield = 1.87
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 = 0.2342
Debt = 4.66
Market Cap = 7.56
Weight Debt = Market Cap / (Market Cap + Debt) = 7.56 / (7.56 + 4.66) = 0.6187
Weight Cost Debt = 100% - 0.6187 = 0.3813
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 = 0
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.75 + 0 * 5.94 + 0 = 0.0275
WACC = (0.2342 / 4.66) * (100% - 0.6187) * (1 - 0.21) + 0.0275 + 0.6187 = 3.96
Terminal Value = Discount (81.39 * (1 + 1.87) / (3.96 - 1.87)) = 105.16
Company Value = ∑ (81.39 / (1 + 3.96) ^ 5) = 104.5
Price = (Terminal Value + Company Value) / Count shares = (105.16 + 104.5) / 324000000 = 647.1