NASDAQ: AMRK - A-Mark Precious Metals, 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 = 2.84
CAGR EPS = 5.74%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 28.13 + (28.13 * 5.74% / 100) = 29.74

Price = (DPS * (1 + g)) / (Cost Of Equity - g)
Price - 价格公道
DPS — 当期股息
g — 预期增长率
DPS = 0.8
g = 0.5875
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 = -3.89
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.89 + -3.89 * 5.94 + 0 = -0.2021
Price = (0.8 * (1 + 0.5875)) / (-0.2021 - 0.5875) = 1.61

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) = 0.2578
Ebitda Yield = 0.1403
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 = 0.0395
Debt = 0.7751
Market Cap = 0.8113
Weight Debt = Market Cap / (Market Cap + Debt) = 0.8113 / (0.8113 + 0.7751) = 0.5114
Weight Cost Debt = 100% - 0.5114 = 0.4886
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 = -3.89
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.89 + -3.89 * 5.94 + 0 = -0.2021
WACC = (0.0395 / 0.7751) * (100% - 0.5114) * (1 - 0.21) + -0.2021 + 0.5114 = 3.91
Terminal Value = Discount (0.2578 * (1 + 0.1403) / (3.91 - 0.1403)) = 2.4
Company Value = ∑ (0.2578 / (1 + 3.91) ^ 5) = 0.8913
Price = (Terminal Value + Company Value) / Count shares = (2.4 + 0.8913) / 24120000 = 136.33

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) = 0.0438
FCF Yield = -0.006
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 = 0.0395
Debt = 0.7751
Market Cap = 0.8113
Weight Debt = Market Cap / (Market Cap + Debt) = 0.8113 / (0.8113 + 0.7751) = 0.5114
Weight Cost Debt = 100% - 0.5114 = 0.4886
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 = -3.89
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.89 + -3.89 * 5.94 + 0 = -0.2021
WACC = (0.0395 / 0.7751) * (100% - 0.5114) * (1 - 0.21) + -0.2021 + 0.5114 = 3.91
Terminal Value = Discount (0.0438 * (1 + -0.006) / (3.91 - -0.006)) = 0.798
Company Value = ∑ (0.0438 / (1 + 3.91) ^ 5) = 0.1981
Price = (Terminal Value + Company Value) / Count shares = (0.798 + 0.1981) / 24120000 = 41.3