NASDAQ: SALM - Salem Media Group, 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 = -0.1189
CAGR EPS = 8.66%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 0.4425 + (0.4425 * 8.66% / 100) = 0.4808

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) = 0.0305
Ebitda Yield = -0.0141
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 = 0.0137
Debt = 0.2101
Market Cap = 0
Weight Debt = Market Cap / (Market Cap + Debt) = 0 / (0 + 0.2101) = 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) = 2.82
β = -4.48
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + -4.48 * 5.94 + 0 = -0.2378
WACC = (0.0137 / 0.2101) * (100% - 0) * (1 - 0.21) + -0.2378 + 0 = 5.16
Terminal Value = Discount (0.0305 * (1 + -0.0141) / (5.16 - -0.0141)) = 0.3559
Company Value = ∑ (0.0305 / (1 + 5.16) ^ 5) = 0.1355
Price = (Terminal Value + Company Value) / Count shares = (0.3559 + 0.1355) / 27210000 = 18.06

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) = 0.0024
FCF Yield = -1.69
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 = 0.0137
Debt = 0.2101
Market Cap = 0
Weight Debt = Market Cap / (Market Cap + Debt) = 0 / (0 + 0.2101) = 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) = 2.82
β = -4.48
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + -4.48 * 5.94 + 0 = -0.2378
WACC = (0.0137 / 0.2101) * (100% - 0) * (1 - 0.21) + -0.2378 + 0 = 5.16
Terminal Value = Discount (0.0024 * (1 + -1.69) / (5.16 - -1.69)) = -0.000724
Company Value = ∑ (0.0024 / (1 + 5.16) ^ 5) = 0.0068
Price = (Terminal Value + Company Value) / Count shares = (-0.000724 + 0.0068) / 27210000 = 0.2238