NASDAQ: REFR - Research Frontiers Incorporated

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 = -0.057
CAGR EPS = 8.66%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 1.32 + (1.32 * 8.66% / 100) = 1.43

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) = -0.0016
Ebitda Yield = -0.0332
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
Debt = 0.000268
Market Cap = 0
Weight Debt = Market Cap / (Market Cap + Debt) = 0 / (0 + 0.000268) = 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 = -2.38
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.89 + -2.38 * 5.94 + 0 = -0.1127
WACC = (0 / 0.000268) * (100% - 0) * (1 - 0.21) + -0.1127 + 0 = 0
Terminal Value = Discount (-0.0016 * (1 + -0.0332) / (0 - -0.0332)) = -0.0458
Company Value = ∑ (-0.0016 / (1 + 0) ^ 5) = -0.0084
Price = (Terminal Value + Company Value) / Count shares = (-0.0458 + -0.0084) / 33450000 = -1.62

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) = -0.0025
FCF Yield = 0.0144
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
Debt = 0.000268
Market Cap = 0
Weight Debt = Market Cap / (Market Cap + Debt) = 0 / (0 + 0.000268) = 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 = -2.38
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.89 + -2.38 * 5.94 + 0 = -0.1127
WACC = (0 / 0.000268) * (100% - 0) * (1 - 0.21) + -0.1127 + 0 = 0
Terminal Value = Discount (-0.0025 * (1 + 0.0144) / (0 - 0.0144)) = -0.1732
Company Value = ∑ (-0.0025 / (1 + 0) ^ 5) = -0.012
Price = (Terminal Value + Company Value) / Count shares = (-0.1732 + -0.012) / 33450000 = -5.54