NASDAQ: HCDI - Harbor Custom Development, 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 = -24.19
CAGR EPS = 52.51%
Key Rate = 0.0458
Excess Key Rate = 2
Price = 0.7051 + (0.7051 * 52.51% / 100) = 1.08

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) = 0.0026
Ebitda Yield = 0.0896
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 = 0.0029
Debt = 0.1453
Market Cap = 0.0037
Weight Debt = Market Cap / (Market Cap + Debt) = 0.0037 / (0.0037 + 0.1453) = 0.0248
Weight Cost Debt = 100% - 0.0248 = 0.9752
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) = 2.6
β = 0
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.6 + 0 * 5.94 + 0 = 0.026
WACC = (0.0029 / 0.1453) * (100% - 0.0248) * (1 - 0.21) + 0.026 + 0.0248 = 1.56
Terminal Value = Discount (0.0026 * (1 + 0.0896) / (1.56 - 0.0896)) = 0.0356
Company Value = ∑ (0.0026 / (1 + 1.56) ^ 5) = 0.0105
Price = (Terminal Value + Company Value) / Count shares = (0.0356 + 0.0105) / 699500 = 65.96

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) = -0.3811
FCF Yield = 0.5143
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 = 0.0029
Debt = 0.1453
Market Cap = 0.0037
Weight Debt = Market Cap / (Market Cap + Debt) = 0.0037 / (0.0037 + 0.1453) = 0.0248
Weight Cost Debt = 100% - 0.0248 = 0.9752
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) = 2.6
β = 0
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.6 + 0 * 5.94 + 0 = 0.026
WACC = (0.0029 / 0.1453) * (100% - 0.0248) * (1 - 0.21) + 0.026 + 0.0248 = 1.56
Terminal Value = Discount (-0.3811 * (1 + 0.5143) / (1.56 - 0.5143)) = -1.07
Company Value = ∑ (-0.3811 / (1 + 1.56) ^ 5) = -0.9257
Price = (Terminal Value + Company Value) / Count shares = (-1.07 + -0.9257) / 699500 = -2854.44