NYSE: EPAM - Epam

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 = 7.06
CAGR EPS = 9.28%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 7.06 * (1 + 9.28%) / (0.0433 * 2) = 89.08

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) = 1.11
Ebitda Yield = 0.1055
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 = 0.01
Debt = 0.0627
Market Cap = 13.88
Weight Debt = Market Cap / (Market Cap + Debt) = 13.88 / (13.88 + 0.0627) = 0.9955
Weight Cost Debt = 100% - 0.9955 = 0.0044999999999999
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) = 3
β = 6.06
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 3 + 6.06 * 5.94 + 0 = 0.3897
WACC = (0.01 / 0.0627) * (100% - 0.9955) * (1 - 0.21) + 0.3897 + 0.9955 = 12.87
Terminal Value = Discount (1.11 * (1 + 0.1055) / (12.87 - 0.1055)) = 28.85
Company Value = ∑ (1.11 / (1 + 12.87) ^ 5) = 3.15
Price = (Terminal Value + Company Value) / Count shares = (28.85 + 3.15) / 59090000 = 541.55

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) = 1.25
FCF Yield = 0.1857
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 = 0.01
Debt = 0.0627
Market Cap = 13.88
Weight Debt = Market Cap / (Market Cap + Debt) = 13.88 / (13.88 + 0.0627) = 0.9955
Weight Cost Debt = 100% - 0.9955 = 0.0044999999999999
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) = 3
β = 6.06
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 3 + 6.06 * 5.94 + 0 = 0.3897
WACC = (0.01 / 0.0627) * (100% - 0.9955) * (1 - 0.21) + 0.3897 + 0.9955 = 12.87
Terminal Value = Discount (1.25 * (1 + 0.1857) / (12.87 - 0.1857)) = 14.2
Company Value = ∑ (1.25 / (1 + 12.87) ^ 5) = 3.1
Price = (Terminal Value + Company Value) / Count shares = (14.2 + 3.1) / 59090000 = 292.92