NASDAQ: PLAB - Photronics, 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 = 2.09
CAGR EPS = 32.14%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 27.51 + (27.51 * 32.14% / 100) = 36.34

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) = 0.2908
Ebitda Yield = 0.0559
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 = 0.000334
Debt = 0.018
Market Cap = 1.39
Weight Debt = Market Cap / (Market Cap + Debt) = 1.39 / (1.39 + 0.018) = 0.9872
Weight Cost Debt = 100% - 0.9872 = 0.0128
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) = 3
β = -0.0273
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 3 + -0.0273 * 5.94 + 0 = 0.0284
WACC = (0.000334 / 0.018) * (100% - 0.9872) * (1 - 0.21) + 0.0284 + 0.9872 = 1.48
Terminal Value = Discount (0.2908 * (1 + 0.0559) / (1.48 - 0.0559)) = 6.94
Company Value = ∑ (0.2908 / (1 + 1.48) ^ 5) = 1.25
Price = (Terminal Value + Company Value) / Count shares = (6.94 + 1.25) / 62390000 = 131.2

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) = 0.2112
FCF Yield = 0.101
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 = 0.000334
Debt = 0.018
Market Cap = 1.39
Weight Debt = Market Cap / (Market Cap + Debt) = 1.39 / (1.39 + 0.018) = 0.9872
Weight Cost Debt = 100% - 0.9872 = 0.0128
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) = 3
β = -0.0273
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 3 + -0.0273 * 5.94 + 0 = 0.0284
WACC = (0.000334 / 0.018) * (100% - 0.9872) * (1 - 0.21) + 0.0284 + 0.9872 = 1.48
Terminal Value = Discount (0.2112 * (1 + 0.101) / (1.48 - 0.101)) = 2.5
Company Value = ∑ (0.2112 / (1 + 1.48) ^ 5) = 0.839
Price = (Terminal Value + Company Value) / Count shares = (2.5 + 0.839) / 62390000 = 53.6