NYSE: PINS - Pinterest

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 = -0.0528
CAGR EPS = 8.66%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 37.39 + (37.39 * 8.66% / 100) = 40.62

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) = -0.021
Ebitda Yield = -0.3009
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 = 0.1054
Debt = 0.1963
Market Cap = 17.72
Weight Debt = Market Cap / (Market Cap + Debt) = 17.72 / (17.72 + 0.1963) = 0.989
Weight Cost Debt = 100% - 0.989 = 0.011
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 = -1.42
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + -1.42 * 5.94 + 0 = -0.056
WACC = (0.1054 / 0.1963) * (100% - 0.989) * (1 - 0.21) + -0.056 + 0.989 = 41.96
Terminal Value = Discount (-0.021 * (1 + -0.3009) / (41.96 - -0.3009)) = -0.0035
Company Value = ∑ (-0.021 / (1 + 41.96) ^ 5) = -0.1184
Price = (Terminal Value + Company Value) / Count shares = (-0.0035 + -0.1184) / 674640000 = -0.1807

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) = 7.63
FCF Yield = 0.6604
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 = 0.1054
Debt = 0.1963
Market Cap = 17.72
Weight Debt = Market Cap / (Market Cap + Debt) = 17.72 / (17.72 + 0.1963) = 0.989
Weight Cost Debt = 100% - 0.989 = 0.011
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 = -1.42
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + -1.42 * 5.94 + 0 = -0.056
WACC = (0.1054 / 0.1963) * (100% - 0.989) * (1 - 0.21) + -0.056 + 0.989 = 41.96
Terminal Value = Discount (7.63 * (1 + 0.6604) / (41.96 - 0.6604)) = 9.13
Company Value = ∑ (7.63 / (1 + 41.96) ^ 5) = 4.96
Price = (Terminal Value + Company Value) / Count shares = (9.13 + 4.96) / 674640000 = 20.88