NYSE: PSTG - Pure Storage, 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 = 0.1844
CAGR EPS = 17.42%
Key Rate = 0.0458
Excess Key Rate = 2
Price = 0.1844 * (1 + 17.42%) / (0.0458 * 2) = 2.36

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) = 0.6717
Ebitda Yield = 0.2599
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 = 0.0075
Debt = 0.1489
Market Cap = 11.32
Weight Debt = Market Cap / (Market Cap + Debt) = 11.32 / (11.32 + 0.1489) = 0.987
Weight Cost Debt = 100% - 0.987 = 0.013
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) = 2.6
β = -2.09
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.6 + -2.09 * 5.94 + 0 = -0.0983
WACC = (0.0075 / 0.1489) * (100% - 0.987) * (1 - 0.21) + -0.0983 + 0.987 = 3.83
Terminal Value = Discount (0.6717 * (1 + 0.2599) / (3.83 - 0.2599)) = 3.16
Company Value = ∑ (0.6717 / (1 + 3.83) ^ 5) = 1.96
Price = (Terminal Value + Company Value) / Count shares = (3.16 + 1.96) / 339180000 = 15.11

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) = 1.88
FCF Yield = 0.3127
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 = 0.0075
Debt = 0.1489
Market Cap = 11.32
Weight Debt = Market Cap / (Market Cap + Debt) = 11.32 / (11.32 + 0.1489) = 0.987
Weight Cost Debt = 100% - 0.987 = 0.013
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) = 2.6
β = -2.09
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.6 + -2.09 * 5.94 + 0 = -0.0983
WACC = (0.0075 / 0.1489) * (100% - 0.987) * (1 - 0.21) + -0.0983 + 0.987 = 3.83
Terminal Value = Discount (1.88 * (1 + 0.3127) / (3.83 - 0.3127)) = 7.46
Company Value = ∑ (1.88 / (1 + 3.83) ^ 5) = 5.15
Price = (Terminal Value + Company Value) / Count shares = (7.46 + 5.15) / 339180000 = 37.16