NYSE: FOUR - Shift4 Payments, 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 = 2.56
CAGR EPS = 24.86%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 2.56 * (1 + 24.86%) / (0.0433 * 2) = 36.84

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) = 3.04
Ebitda Yield = 0.5347
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 = 0.0618
Debt = 2.88
Market Cap = 3.18
Weight Debt = Market Cap / (Market Cap + Debt) = 3.18 / (3.18 + 2.88) = 0.5246
Weight Cost Debt = 100% - 0.5246 = 0.4754
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) = 2.82
β = 3.05
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + 3.05 * 5.94 + 0 = 0.2091
WACC = (0.0618 / 2.88) * (100% - 0.5246) * (1 - 0.21) + 0.2091 + 0.5246 = 1.8
Terminal Value = Discount (3.04 * (1 + 0.5347) / (1.8 - 0.5347)) = 8.25
Company Value = ∑ (3.04 / (1 + 1.8) ^ 5) = 7.19
Price = (Terminal Value + Company Value) / Count shares = (8.25 + 7.19) / 89850000 = 171.94

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) = 15.26
FCF Yield = 0.9809
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 = 0.0618
Debt = 2.88
Market Cap = 3.18
Weight Debt = Market Cap / (Market Cap + Debt) = 3.18 / (3.18 + 2.88) = 0.5246
Weight Cost Debt = 100% - 0.5246 = 0.4754
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) = 2.82
β = 3.05
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + 3.05 * 5.94 + 0 = 0.2091
WACC = (0.0618 / 2.88) * (100% - 0.5246) * (1 - 0.21) + 0.2091 + 0.5246 = 1.8
Terminal Value = Discount (15.26 * (1 + 0.9809) / (1.8 - 0.9809)) = 28.72
Company Value = ∑ (15.26 / (1 + 1.8) ^ 5) = 27.69
Price = (Terminal Value + Company Value) / Count shares = (28.72 + 27.69) / 89850000 = 627.75