NYSE: NCLH - Norwegian Cruise Line

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 = 0.3888
CAGR EPS = -38.16%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 0.3888 * (1 + -38.16%) / (0.0433 * 2) = 2.78

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) = 1.69
Ebitda Yield = -0.0069
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 = 0.7275
Debt = 14.08
Market Cap = 7.1
Weight Debt = Market Cap / (Market Cap + Debt) = 7.1 / (7.1 + 14.08) = 0.3352
Weight Cost Debt = 100% - 0.3352 = 0.6648
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 = 5.01
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + 5.01 * 5.94 + 0 = 0.3258
WACC = (0.7275 / 14.08) * (100% - 0.3352) * (1 - 0.21) + 0.3258 + 0.3352 = 4.18
Terminal Value = Discount (1.69 * (1 + -0.0069) / (4.18 - -0.0069)) = 28.14
Company Value = ∑ (1.69 / (1 + 4.18) ^ 5) = 7.61
Price = (Terminal Value + Company Value) / Count shares = (28.14 + 7.61) / 427400000 = 83.64

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) = 0.3432
FCF Yield = -1.86
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 = 0.7275
Debt = 14.08
Market Cap = 7.1
Weight Debt = Market Cap / (Market Cap + Debt) = 7.1 / (7.1 + 14.08) = 0.3352
Weight Cost Debt = 100% - 0.3352 = 0.6648
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 = 5.01
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + 5.01 * 5.94 + 0 = 0.3258
WACC = (0.7275 / 14.08) * (100% - 0.3352) * (1 - 0.21) + 0.3258 + 0.3352 = 4.18
Terminal Value = Discount (0.3432 * (1 + -1.86) / (4.18 - -1.86)) = -0.1262
Company Value = ∑ (0.3432 / (1 + 4.18) ^ 5) = 0.4622
Price = (Terminal Value + Company Value) / Count shares = (-0.1262 + 0.4622) / 427400000 = 0.7861