NASDAQ: TITN - Titan Machinery 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 = 4.93
CAGR EPS = 50.64%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 22.21 + (22.21 * 50.64% / 100) = 33.46

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) = 0.5667
Ebitda Yield = 0.2312
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 = 0.0211
Debt = 1.08
Market Cap = 0.6612
Weight Debt = Market Cap / (Market Cap + Debt) = 0.6612 / (0.6612 + 1.08) = 0.3804
Weight Cost Debt = 100% - 0.3804 = 0.6196
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) = 3
β = 2.74
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 3 + 2.74 * 5.94 + 0 = 0.1925
WACC = (0.0211 / 1.08) * (100% - 0.3804) * (1 - 0.21) + 0.1925 + 0.3804 = 1.62
Terminal Value = Discount (0.5667 * (1 + 0.2312) / (1.62 - 0.2312)) = 2.99
Company Value = ∑ (0.5667 / (1 + 1.62) ^ 5) = 1.85
Price = (Terminal Value + Company Value) / Count shares = (2.99 + 1.85) / 22500000 = 215.23

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) = -0.2908
FCF Yield = 0.2517
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 = 0.0211
Debt = 1.08
Market Cap = 0.6612
Weight Debt = Market Cap / (Market Cap + Debt) = 0.6612 / (0.6612 + 1.08) = 0.3804
Weight Cost Debt = 100% - 0.3804 = 0.6196
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) = 3
β = 2.74
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 3 + 2.74 * 5.94 + 0 = 0.1925
WACC = (0.0211 / 1.08) * (100% - 0.3804) * (1 - 0.21) + 0.1925 + 0.3804 = 1.62
Terminal Value = Discount (-0.2908 * (1 + 0.2517) / (1.62 - 0.2517)) = -1.43
Company Value = ∑ (-0.2908 / (1 + 1.62) ^ 5) = -0.9234
Price = (Terminal Value + Company Value) / Count shares = (-1.43 + -0.9234) / 22500000 = -104.43