NYSE: PLNT - Planet Fitness, 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 = 1.62
CAGR EPS = 2.86%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 1.62 * (1 + 2.86%) / (0.0433 * 2) = 19.29

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) = 0.6456
Ebitda Yield = 0.078
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 = 0.0866
Debt = 2.02
Market Cap = 5.04
Weight Debt = Market Cap / (Market Cap + Debt) = 5.04 / (5.04 + 2.02) = 0.7141
Weight Cost Debt = 100% - 0.7141 = 0.2859
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 = 5.54
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 3 + 5.54 * 5.94 + 0 = 0.3588
WACC = (0.0866 / 2.02) * (100% - 0.7141) * (1 - 0.21) + 0.3588 + 0.7141 = 3.62
Terminal Value = Discount (0.6456 * (1 + 0.078) / (3.62 - 0.078)) = 13.95
Company Value = ∑ (0.6456 / (1 + 3.62) ^ 5) = 2.5
Price = (Terminal Value + Company Value) / Count shares = (13.95 + 2.5) / 85180000 = 193.16

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) = 0.3516
FCF Yield = 0.126
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 = 0.0866
Debt = 2.02
Market Cap = 5.04
Weight Debt = Market Cap / (Market Cap + Debt) = 5.04 / (5.04 + 2.02) = 0.7141
Weight Cost Debt = 100% - 0.7141 = 0.2859
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 = 5.54
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 3 + 5.54 * 5.94 + 0 = 0.3588
WACC = (0.0866 / 2.02) * (100% - 0.7141) * (1 - 0.21) + 0.3588 + 0.7141 = 3.62
Terminal Value = Discount (0.3516 * (1 + 0.126) / (3.62 - 0.126)) = 3.69
Company Value = ∑ (0.3516 / (1 + 3.62) ^ 5) = 1.25
Price = (Terminal Value + Company Value) / Count shares = (3.69 + 1.25) / 85180000 = 58.07