NASDAQ: CMLS - Cumulus Media 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 = -6.83
CAGR EPS = 8.66%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 2.82 + (2.82 * 8.66% / 100) = 3.06

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) = 0.0094
Ebitda Yield = -0.2346
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 = 0.0713
Debt = 0.7096
Market Cap = 0.0923
Weight Debt = Market Cap / (Market Cap + Debt) = 0.0923 / (0.0923 + 0.7096) = 0.1151
Weight Cost Debt = 100% - 0.1151 = 0.8849
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 = -4.53
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.89 + -4.53 * 5.94 + 0 = -0.2403
WACC = (0.0713 / 0.7096) * (100% - 0.1151) * (1 - 0.21) + -0.2403 + 0.1151 = 7.9
Terminal Value = Discount (0.0094 * (1 + -0.2346) / (7.9 - -0.2346)) = 0.0157
Company Value = ∑ (0.0094 / (1 + 7.9) ^ 5) = 0.0718
Price = (Terminal Value + Company Value) / Count shares = (0.0157 + 0.0718) / 17270000 = 5.07

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) = 0.0011
FCF Yield = -0.3041
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 = 0.0713
Debt = 0.7096
Market Cap = 0.0923
Weight Debt = Market Cap / (Market Cap + Debt) = 0.0923 / (0.0923 + 0.7096) = 0.1151
Weight Cost Debt = 100% - 0.1151 = 0.8849
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 = -4.53
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.89 + -4.53 * 5.94 + 0 = -0.2403
WACC = (0.0713 / 0.7096) * (100% - 0.1151) * (1 - 0.21) + -0.2403 + 0.1151 = 7.9
Terminal Value = Discount (0.0011 * (1 + -0.3041) / (7.9 - -0.3041)) = 0.0014
Company Value = ∑ (0.0011 / (1 + 7.9) ^ 5) = 0.0111
Price = (Terminal Value + Company Value) / Count shares = (0.0014 + 0.0111) / 17270000 = 0.7203