NASDAQ: IIVI - II-VI Incorporated

Price = EPS * (1 + CAGR EPS) / (Key Rate * Excess Key Rate)
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 = 2.77
CAGR EPS = -42.27%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 2.77 * (1 + -42.27%) / (0.0433 * 2) = 18.46

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) = 3.68
Ebitda Yield = 0.5741
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 = 0.1213
Debt = 2.44
Market Cap = 4.76
Weight Debt = Market Cap / (Market Cap + Debt) = 4.76 / (4.76 + 2.44) = 0.6611
Weight Cost Debt = 100% - 0.6611 = 0.3389
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
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.89 + 0 * 5.94 + 0 = 0.0289
WACC = (0.1213 / 2.44) * (100% - 0.6611) * (1 - 0.21) + 0.0289 + 0.6611 = 3.92
Terminal Value = Discount (3.68 * (1 + 0.5741) / (3.92 - 0.5741)) = 8.94
Company Value = ∑ (3.68 / (1 + 3.92) ^ 5) = 7.82
Price = (Terminal Value + Company Value) / Count shares = (8.94 + 7.82) / 84830000 = 197.66