NASDAQ: RCAT - Red Cat Holdings, 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 = -0.4001
CAGR EPS = 28.88%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 5.82 + (5.82 * 28.88% / 100) = 7.49

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) = -0.1574
Ebitda Yield = 0.5103
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 = 6.9E-5
Debt = 0.0023
Market Cap = 0
Weight Debt = Market Cap / (Market Cap + Debt) = 0 / (0 + 0.0023) = 0
Weight Cost Debt = 100% - 0 = 1
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 = 27.85
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.89 + 27.85 * 5.94 + 0 = 1.68
WACC = (6.9E-5 / 0.0023) * (100% - 0) * (1 - 0.21) + 1.68 + 0 = 2.39
Terminal Value = Discount (-0.1574 * (1 + 0.5103) / (2.39 - 0.5103)) = -0.4344
Company Value = ∑ (-0.1574 / (1 + 2.39) ^ 5) = -0.3722
Price = (Terminal Value + Company Value) / Count shares = (-0.4344 + -0.3722) / 53860000 = -14.97

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) = -0.2682
FCF Yield = 0.7006
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 = 6.9E-5
Debt = 0.0023
Market Cap = 0
Weight Debt = Market Cap / (Market Cap + Debt) = 0 / (0 + 0.0023) = 0
Weight Cost Debt = 100% - 0 = 1
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 = 27.85
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.89 + 27.85 * 5.94 + 0 = 1.68
WACC = (6.9E-5 / 0.0023) * (100% - 0) * (1 - 0.21) + 1.68 + 0 = 2.39
Terminal Value = Discount (-0.2682 * (1 + 0.7006) / (2.39 - 0.7006)) = -0.5989
Company Value = ∑ (-0.2682 / (1 + 2.39) ^ 5) = -0.5515
Price = (Terminal Value + Company Value) / Count shares = (-0.5989 + -0.5515) / 53860000 = -21.36