NASDAQ: SOFO - Sonic Foundry, 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 = -1.62
CAGR EPS = 21.19%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 0.1001 + (0.1001 * 21.19% / 100) = 0.1212

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) = -0.1082
Ebitda Yield = 0.4954
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 = 0.0018
Debt = 0.0121
Market Cap = 0.0122
Weight Debt = Market Cap / (Market Cap + Debt) = 0.0122 / (0.0122 + 0.0121) = 0.5015
Weight Cost Debt = 100% - 0.5015 = 0.4985
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 = -6.24
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.89 + -6.24 * 5.94 + 0 = -0.342
WACC = (0.0018 / 0.0121) * (100% - 0.5015) * (1 - 0.21) + -0.342 + 0.5015 = 11.3
Terminal Value = Discount (-0.1082 * (1 + 0.4954) / (11.3 - 0.4954)) = -0.2478
Company Value = ∑ (-0.1082 / (1 + 11.3) ^ 5) = -0.1912
Price = (Terminal Value + Company Value) / Count shares = (-0.2478 + -0.1912) / 11950000 = -36.74

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) = -0.1
FCF Yield = 0.4956
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 = 0.0018
Debt = 0.0121
Market Cap = 0.0122
Weight Debt = Market Cap / (Market Cap + Debt) = 0.0122 / (0.0122 + 0.0121) = 0.5015
Weight Cost Debt = 100% - 0.5015 = 0.4985
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 = -6.24
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.89 + -6.24 * 5.94 + 0 = -0.342
WACC = (0.0018 / 0.0121) * (100% - 0.5015) * (1 - 0.21) + -0.342 + 0.5015 = 11.3
Terminal Value = Discount (-0.1 * (1 + 0.4956) / (11.3 - 0.4956)) = -0.2289
Company Value = ∑ (-0.1 / (1 + 11.3) ^ 5) = -0.1767
Price = (Terminal Value + Company Value) / Count shares = (-0.2289 + -0.1767) / 11950000 = -33.94