NYSE: TWLO - Twilio 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 = -5.54
CAGR EPS = 18.6%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 93.11 + (93.11 * 18.6% / 100) = 110.43

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) = -0.0476
Ebitda Yield = -0.1384
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 = 0.387
Debt = 1.05
Market Cap = 10.74
Weight Debt = Market Cap / (Market Cap + Debt) = 10.74 / (10.74 + 1.05) = 0.9111
Weight Cost Debt = 100% - 0.9111 = 0.0889
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) = 2.89
β = 11.94
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.89 + 11.94 * 5.94 + 0 = 0.7381
WACC = (0.387 / 1.05) * (100% - 0.9111) * (1 - 0.21) + 0.7381 + 0.9111 = 29.6
Terminal Value = Discount (-0.0476 * (1 + -0.1384) / (29.6 - -0.1384)) = -0.0258
Company Value = ∑ (-0.0476 / (1 + 29.6) ^ 5) = -0.1732
Price = (Terminal Value + Company Value) / Count shares = (-0.0258 + -0.1732) / 183330000 = -1.09

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) = 2.23
FCF Yield = 0.4368
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 = 0.387
Debt = 1.05
Market Cap = 10.74
Weight Debt = Market Cap / (Market Cap + Debt) = 10.74 / (10.74 + 1.05) = 0.9111
Weight Cost Debt = 100% - 0.9111 = 0.0889
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) = 2.89
β = 11.94
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.89 + 11.94 * 5.94 + 0 = 0.7381
WACC = (0.387 / 1.05) * (100% - 0.9111) * (1 - 0.21) + 0.7381 + 0.9111 = 29.6
Terminal Value = Discount (2.23 * (1 + 0.4368) / (29.6 - 0.4368)) = 6.21
Company Value = ∑ (2.23 / (1 + 29.6) ^ 5) = 2.5
Price = (Terminal Value + Company Value) / Count shares = (6.21 + 2.5) / 183330000 = 47.54