NASDAQ: STRL - Sterling Construction Company, Inc.

Price = EPS * (1 + CAGR EPS) / (Key Rate * Excess Key Rate)
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 = 4.44
CAGR EPS = 24.76%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 4.44 * (1 + 24.76%) / (0.0433 * 2) = 64.01

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) = 0.9271
Ebitda Yield = 0.273
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 = 0.0293
Debt = 0.3612
Market Cap = 2.37
Weight Debt = Market Cap / (Market Cap + Debt) = 2.37 / (2.37 + 0.3612) = 0.8678
Weight Cost Debt = 100% - 0.8678 = 0.1322
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) = 2.75
β = 3.31
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.75 + 3.31 * 5.94 + 0 = 0.224
WACC = (0.0293 / 0.3612) * (100% - 0.8678) * (1 - 0.21) + 0.224 + 0.8678 = 6.55
Terminal Value = Discount (0.9271 * (1 + 0.273) / (6.55 - 0.273)) = 4.14
Company Value = ∑ (0.9271 / (1 + 6.55) ^ 5) = 2.44
Price = (Terminal Value + Company Value) / Count shares = (4.14 + 2.44) / 31210000 = 210.89

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) = 4.27
FCF Yield = 0.5949
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 = 0.0293
Debt = 0.3612
Market Cap = 2.37
Weight Debt = Market Cap / (Market Cap + Debt) = 2.37 / (2.37 + 0.3612) = 0.8678
Weight Cost Debt = 100% - 0.8678 = 0.1322
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) = 2.75
β = 3.31
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.75 + 3.31 * 5.94 + 0 = 0.224
WACC = (0.0293 / 0.3612) * (100% - 0.8678) * (1 - 0.21) + 0.224 + 0.8678 = 6.55
Terminal Value = Discount (4.27 * (1 + 0.5949) / (6.55 - 0.5949)) = 9.38
Company Value = ∑ (4.27 / (1 + 6.55) ^ 5) = 8.13
Price = (Terminal Value + Company Value) / Count shares = (9.38 + 8.13) / 31210000 = 560.89