NYSE: SPOT - Spotify Technology S.A.

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 = 5.49
CAGR EPS = 29.47%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 5.49 * (1 + 29.47%) / (0.0433 * 2) = 82.03

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) = 17.88
Ebitda Yield = 0.6419
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 = 0.036
Debt = 2
Market Cap = 25.67
Weight Debt = Market Cap / (Market Cap + Debt) = 25.67 / (25.67 + 2) = 0.9277
Weight Cost Debt = 100% - 0.9277 = 0.0723
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 = -2.49
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + -2.49 * 5.94 + 0 = -0.1199
WACC = (0.036 / 2) * (100% - 0.9277) * (1 - 0.21) + -0.1199 + 0.9277 = 1.3
Terminal Value = Discount (17.88 * (1 + 0.6419) / (1.3 - 0.6419)) = 43.76
Company Value = ∑ (17.88 / (1 + 1.3) ^ 5) = 39.85
Price = (Terminal Value + Company Value) / Count shares = (43.76 + 39.85) / 207400000 = 403.09

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) = 19.04
FCF Yield = 0.5283
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 = 0.036
Debt = 2
Market Cap = 25.67
Weight Debt = Market Cap / (Market Cap + Debt) = 25.67 / (25.67 + 2) = 0.9277
Weight Cost Debt = 100% - 0.9277 = 0.0723
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 = -2.49
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + -2.49 * 5.94 + 0 = -0.1199
WACC = (0.036 / 2) * (100% - 0.9277) * (1 - 0.21) + -0.1199 + 0.9277 = 1.3
Terminal Value = Discount (19.04 * (1 + 0.5283) / (1.3 - 0.5283)) = 52.95
Company Value = ∑ (19.04 / (1 + 1.3) ^ 5) = 46.18
Price = (Terminal Value + Company Value) / Count shares = (52.95 + 46.18) / 207400000 = 477.96