NYSE: PATH - UiPath Inc.

Price = Avg Price + (Avg Price * CAGR EPS% / 100)
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 = -0.1594
CAGR EPS = 8.66%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 17.53 + (17.53 * 8.66% / 100) = 19.05

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) = -0.0524
Ebitda Yield = -0.1804
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 = 0.028
Debt = 0.0671
Market Cap = 8.32
Weight Debt = Market Cap / (Market Cap + Debt) = 8.32 / (8.32 + 0.0671) = 0.992
Weight Cost Debt = 100% - 0.992 = 0.008
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 = 4.38
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + 4.38 * 5.94 + 0 = 0.2883
WACC = (0.028 / 0.0671) * (100% - 0.992) * (1 - 0.21) + 0.2883 + 0.992 = 32.89
Terminal Value = Discount (-0.0524 * (1 + -0.1804) / (32.89 - -0.1804)) = -0.0204
Company Value = ∑ (-0.0524 / (1 + 32.89) ^ 5) = -0.2077
Price = (Terminal Value + Company Value) / Count shares = (-0.0204 + -0.2077) / 563860000 = -0.4044

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) = 0.6693
FCF Yield = 0.1807
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 = 0.028
Debt = 0.0671
Market Cap = 8.32
Weight Debt = Market Cap / (Market Cap + Debt) = 8.32 / (8.32 + 0.0671) = 0.992
Weight Cost Debt = 100% - 0.992 = 0.008
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 = 4.38
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + 4.38 * 5.94 + 0 = 0.2883
WACC = (0.028 / 0.0671) * (100% - 0.992) * (1 - 0.21) + 0.2883 + 0.992 = 32.89
Terminal Value = Discount (0.6693 * (1 + 0.1807) / (32.89 - 0.1807)) = 1.29
Company Value = ∑ (0.6693 / (1 + 32.89) ^ 5) = 1.04
Price = (Terminal Value + Company Value) / Count shares = (1.29 + 1.04) / 563860000 = 4.12