NYSE: SNAP - Snap 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 = -0.8201
CAGR EPS = 1.76%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 10.18 + (10.18 * 1.76% / 100) = 10.35

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) = -1.28
Ebitda Yield = 0.0295
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 = 0.022
Debt = 3.8
Market Cap = 14.9
Weight Debt = Market Cap / (Market Cap + Debt) = 14.9 / (14.9 + 3.8) = 0.7968
Weight Cost Debt = 100% - 0.7968 = 0.2032
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 = 1.06
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + 1.06 * 5.94 + 0 = 0.0909
WACC = (0.022 / 3.8) * (100% - 0.7968) * (1 - 0.21) + 0.0909 + 0.7968 = 0.5268
Terminal Value = Discount (-1.28 * (1 + 0.0295) / (0.5268 - 0.0295)) = -52.79
Company Value = ∑ (-1.28 / (1 + 0.5268) ^ 5) = -5.93
Price = (Terminal Value + Company Value) / Count shares = (-52.79 + -5.93) / 1612500000 = -36.42

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) = 0.0636
FCF Yield = 0.1281
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 = 0.022
Debt = 3.8
Market Cap = 14.9
Weight Debt = Market Cap / (Market Cap + Debt) = 14.9 / (14.9 + 3.8) = 0.7968
Weight Cost Debt = 100% - 0.7968 = 0.2032
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 = 1.06
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + 1.06 * 5.94 + 0 = 0.0909
WACC = (0.022 / 3.8) * (100% - 0.7968) * (1 - 0.21) + 0.0909 + 0.7968 = 0.5268
Terminal Value = Discount (0.0636 * (1 + 0.1281) / (0.5268 - 0.1281)) = 0.5686
Company Value = ∑ (0.0636 / (1 + 0.5268) ^ 5) = 0.2492
Price = (Terminal Value + Company Value) / Count shares = (0.5686 + 0.2492) / 1612500000 = 0.5071