NYSE: DV - DoubleVerify Holdings, Inc.

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 = 0.4121
CAGR EPS = 22.4%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 0.4121 * (1 + 22.4%) / (0.0433 * 2) = 5.82

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) = 0.2637
Ebitda Yield = 0.1386
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 = 0.0011
Debt = 0.0864
Market Cap = 5.54
Weight Debt = Market Cap / (Market Cap + Debt) = 5.54 / (5.54 + 0.0864) = 0.9846
Weight Cost Debt = 100% - 0.9846 = 0.0154
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 = 0.3011
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.75 + 0.3011 * 5.94 + 0 = 0.0454
WACC = (0.0011 / 0.0864) * (100% - 0.9846) * (1 - 0.21) + 0.0454 + 0.9846 = 1.01
Terminal Value = Discount (0.2637 * (1 + 0.1386) / (1.01 - 0.1386)) = 2.22
Company Value = ∑ (0.2637 / (1 + 1.01) ^ 5) = 1
Price = (Terminal Value + Company Value) / Count shares = (2.22 + 1) / 173440000 = 18.59

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) = 0.3518
FCF Yield = 0.2792
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 = 0.0011
Debt = 0.0864
Market Cap = 5.54
Weight Debt = Market Cap / (Market Cap + Debt) = 5.54 / (5.54 + 0.0864) = 0.9846
Weight Cost Debt = 100% - 0.9846 = 0.0154
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 = 0.3011
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.75 + 0.3011 * 5.94 + 0 = 0.0454
WACC = (0.0011 / 0.0864) * (100% - 0.9846) * (1 - 0.21) + 0.0454 + 0.9846 = 1.01
Terminal Value = Discount (0.3518 * (1 + 0.2792) / (1.01 - 0.2792)) = 1.59
Company Value = ∑ (0.3518 / (1 + 1.01) ^ 5) = 1.1
Price = (Terminal Value + Company Value) / Count shares = (1.59 + 1.1) / 173440000 = 15.53