NYSE: DECK - Deckers Outdoor Corporation

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 = 4.86
CAGR EPS = -12.76%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 4.86 * (1 + -12.76%) / (0.0433 * 2) = 48.96

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) = 2.34
Ebitda Yield = 0.1761
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 = 0.0026
Debt = 0.2669
Market Cap = 14.56
Weight Debt = Market Cap / (Market Cap + Debt) = 14.56 / (14.56 + 0.2669) = 0.982
Weight Cost Debt = 100% - 0.982 = 0.018
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 = 5.72
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.89 + 5.72 * 5.94 + 0 = 0.3689
WACC = (0.0026 / 0.2669) * (100% - 0.982) * (1 - 0.21) + 0.3689 + 0.982 = 1.11
Terminal Value = Discount (2.34 * (1 + 0.1761) / (1.11 - 0.1761)) = 15.8
Company Value = ∑ (2.34 / (1 + 1.11) ^ 5) = 8.38
Price = (Terminal Value + Company Value) / Count shares = (15.8 + 8.38) / 156290000 = 154.74

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) = 2.77
FCF Yield = 0.2402
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 = 0.0026
Debt = 0.2669
Market Cap = 14.56
Weight Debt = Market Cap / (Market Cap + Debt) = 14.56 / (14.56 + 0.2669) = 0.982
Weight Cost Debt = 100% - 0.982 = 0.018
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 = 5.72
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.89 + 5.72 * 5.94 + 0 = 0.3689
WACC = (0.0026 / 0.2669) * (100% - 0.982) * (1 - 0.21) + 0.3689 + 0.982 = 1.11
Terminal Value = Discount (2.77 * (1 + 0.2402) / (1.11 - 0.2402)) = 14.18
Company Value = ∑ (2.77 / (1 + 1.11) ^ 5) = 9.07
Price = (Terminal Value + Company Value) / Count shares = (14.18 + 9.07) / 156290000 = 148.82