OTC: LKNCY - Luckin Coffee 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 = 9
CAGR EPS = 20.81%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 24.83 + (24.83 * 20.81% / 100) = 30

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) = 16.05
Ebitda Yield = 0.2572
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 = 0.0032
Debt = 4.97
Market Cap = 7.78
Weight Debt = Market Cap / (Market Cap + Debt) = 7.78 / (7.78 + 4.97) = 0.6104
Weight Cost Debt = 100% - 0.6104 = 0.3896
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 = 3.57
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.89 + 3.57 * 5.94 + 0 = 0.241
WACC = (0.0032 / 4.97) * (100% - 0.6104) * (1 - 0.21) + 0.241 + 0.6104 = 0.1977
Terminal Value = Discount (16.05 * (1 + 0.2572) / (0.1977 - 0.2572)) = 78.29
Company Value = ∑ (16.05 / (1 + 0.1977) ^ 5) = 53.12
Price = (Terminal Value + Company Value) / Count shares = (78.29 + 53.12) / 316570000 = 415.11

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) = 0.2561
FCF Yield = 0.1224
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 = 0.0032
Debt = 4.97
Market Cap = 7.78
Weight Debt = Market Cap / (Market Cap + Debt) = 7.78 / (7.78 + 4.97) = 0.6104
Weight Cost Debt = 100% - 0.6104 = 0.3896
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 = 3.57
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.89 + 3.57 * 5.94 + 0 = 0.241
WACC = (0.0032 / 4.97) * (100% - 0.6104) * (1 - 0.21) + 0.241 + 0.6104 = 0.1977
Terminal Value = Discount (0.2561 * (1 + 0.1224) / (0.1977 - 0.1224)) = 2.36
Company Value = ∑ (0.2561 / (1 + 0.1977) ^ 5) = 1.02
Price = (Terminal Value + Company Value) / Count shares = (2.36 + 1.02) / 316570000 = 10.7