NASDAQ: BATRK - The Liberty Braves Group

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 = -2.02
CAGR EPS = 9.91%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 38.07 + (38.07 * 9.91% / 100) = 41.84

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) = 0.0041
Ebitda Yield = -1.72
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 = 0.0377
Debt = 0.5699
Market Cap = 2.46
Weight Debt = Market Cap / (Market Cap + Debt) = 2.46 / (2.46 + 0.5699) = 0.8119
Weight Cost Debt = 100% - 0.8119 = 0.1881
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 = -0.8332
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.89 + -0.8332 * 5.94 + 0 = -0.0206
WACC = (0.0377 / 0.5699) * (100% - 0.8119) * (1 - 0.21) + -0.0206 + 0.8119 = 5.16
Terminal Value = Discount (0.0041 * (1 + -1.72) / (5.16 - -1.72)) = -0.0013
Company Value = ∑ (0.0041 / (1 + 5.16) ^ 5) = 0.0096
Price = (Terminal Value + Company Value) / Count shares = (-0.0013 + 0.0096) / 61870000 = 0.1351

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) = -0.1378
FCF Yield = 0.1537
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 = 0.0377
Debt = 0.5699
Market Cap = 2.46
Weight Debt = Market Cap / (Market Cap + Debt) = 2.46 / (2.46 + 0.5699) = 0.8119
Weight Cost Debt = 100% - 0.8119 = 0.1881
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 = -0.8332
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.89 + -0.8332 * 5.94 + 0 = -0.0206
WACC = (0.0377 / 0.5699) * (100% - 0.8119) * (1 - 0.21) + -0.0206 + 0.8119 = 5.16
Terminal Value = Discount (-0.1378 * (1 + 0.1537) / (5.16 - 0.1537)) = -1.21
Company Value = ∑ (-0.1378 / (1 + 5.16) ^ 5) = -0.4488
Price = (Terminal Value + Company Value) / Count shares = (-1.21 + -0.4488) / 61870000 = -26.83