NASDAQ: TSBK - Timberland Bancorp, 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 = 3.01
CAGR EPS = 0.8546%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 31.34 + (31.34 * 0.8546% / 100) = 31.6

Price = (DPS * (1 + g)) / (Cost Of Equity - g)
Price - 价格公道
DPS — 当期股息
g — 预期增长率
DPS = 0.97
g = 0.0079
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 = 0.2744
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.89 + 0.2744 * 5.94 + 0 = 0.0452
Price = (0.97 * (1 + 0.0079)) / (0.0452 - 0.0079) = 26.21

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) = 0.0306
Ebitda Yield = -0.000355
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 = 0.000999
Debt = 0.02
Market Cap = 0
Weight Debt = Market Cap / (Market Cap + Debt) = 0 / (0 + 0.02) = 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 = 0.2744
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.89 + 0.2744 * 5.94 + 0 = 0.0452
WACC = (0.000999 / 0.02) * (100% - 0) * (1 - 0.21) + 0.0452 + 0 = 3.95
Terminal Value = Discount (0.0306 * (1 + -0.000355) / (3.95 - -0.000355)) = 0.6326
Company Value = ∑ (0.0306 / (1 + 3.95) ^ 5) = 0.1364
Price = (Terminal Value + Company Value) / Count shares = (0.6326 + 0.1364) / 8250000 = 93.22

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) = 0.0075
FCF Yield = -0.1197
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 = 0.000999
Debt = 0.02
Market Cap = 0
Weight Debt = Market Cap / (Market Cap + Debt) = 0 / (0 + 0.02) = 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 = 0.2744
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.89 + 0.2744 * 5.94 + 0 = 0.0452
WACC = (0.000999 / 0.02) * (100% - 0) * (1 - 0.21) + 0.0452 + 0 = 3.95
Terminal Value = Discount (0.0075 * (1 + -0.1197) / (3.95 - -0.1197)) = 0.0341
Company Value = ∑ (0.0075 / (1 + 3.95) ^ 5) = 0.0443
Price = (Terminal Value + Company Value) / Count shares = (0.0341 + 0.0443) / 8250000 = 9.5