OTC: ADYEY - Adyen N.V.

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 = 22.41
CAGR EPS = 38.1%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 13.91 + (13.91 * 38.1% / 100) = 19.21

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) = 2.99
Ebitda Yield = 0.2368
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 = 0.0048
Debt = 0.2231
Market Cap = 29.41
Weight Debt = Market Cap / (Market Cap + Debt) = 29.41 / (29.41 + 0.2231) = 0.9925
Weight Cost Debt = 100% - 0.9925 = 0.0075
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) = 2.75
β = 0.1775
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.75 + 0.1775 * 5.94 + 0 = 0.038
WACC = (0.0048 / 0.2231) * (100% - 0.9925) * (1 - 0.21) + 0.038 + 0.9925 = 1.71
Terminal Value = Discount (2.99 * (1 + 0.2368) / (1.71 - 0.2368)) = 15.46
Company Value = ∑ (2.99 / (1 + 1.71) ^ 5) = 9.64
Price = (Terminal Value + Company Value) / Count shares = (15.46 + 9.64) / 31160000 = 805.57

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) = 5.06
FCF Yield = 0.2297
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 = 0.0048
Debt = 0.2231
Market Cap = 29.41
Weight Debt = Market Cap / (Market Cap + Debt) = 29.41 / (29.41 + 0.2231) = 0.9925
Weight Cost Debt = 100% - 0.9925 = 0.0075
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) = 2.75
β = 0.1775
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.75 + 0.1775 * 5.94 + 0 = 0.038
WACC = (0.0048 / 0.2231) * (100% - 0.9925) * (1 - 0.21) + 0.038 + 0.9925 = 1.71
Terminal Value = Discount (5.06 * (1 + 0.2297) / (1.71 - 0.2297)) = 26.9
Company Value = ∑ (5.06 / (1 + 1.71) ^ 5) = 16.49
Price = (Terminal Value + Company Value) / Count shares = (26.9 + 16.49) / 31160000 = 1392.39