NYSE: ACHR - Archer Aviation 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 = -1.69
CAGR EPS = 145.73%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 6.86 + (6.86 * 145.73% / 100) = 16.86

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) = -0.4516
Ebitda Yield = 0
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 = 0.0164
Debt = 0.01
Market Cap = 1.54
Weight Debt = Market Cap / (Market Cap + Debt) = 1.54 / (1.54 + 0.01) = 0.9935
Weight Cost Debt = 100% - 0.9935 = 0.0065
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 = 35.08
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.89 + 35.08 * 5.94 + 0 = 2.11
WACC = (0.0164 / 0.01) * (100% - 0.9935) * (1 - 0.21) + 2.11 + 0.9935 = 130.37
Terminal Value = Discount (-0.4516 * (1 + 0) / (130.37 - 0)) = -0.0053
Company Value = ∑ (-0.4516 / (1 + 130.37) ^ 5) = -0.3411
Price = (Terminal Value + Company Value) / Count shares = (-0.0053 + -0.3411) / 270410000 = -1.28

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) = -0.3159
FCF Yield = 0
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 = 0.0164
Debt = 0.01
Market Cap = 1.54
Weight Debt = Market Cap / (Market Cap + Debt) = 1.54 / (1.54 + 0.01) = 0.9935
Weight Cost Debt = 100% - 0.9935 = 0.0065
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 = 35.08
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.89 + 35.08 * 5.94 + 0 = 2.11
WACC = (0.0164 / 0.01) * (100% - 0.9935) * (1 - 0.21) + 2.11 + 0.9935 = 130.37
Terminal Value = Discount (-0.3159 * (1 + 0) / (130.37 - 0)) = -0.0037
Company Value = ∑ (-0.3159 / (1 + 130.37) ^ 5) = -0.2386
Price = (Terminal Value + Company Value) / Count shares = (-0.0037 + -0.2386) / 270410000 = -0.8961