NYSE: AINC - Ashford 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 = -1.48
CAGR EPS = 8.66%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 3.63 + (3.63 * 8.66% / 100) = 3.94

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) = 0.1185
Ebitda Yield = 0.2193
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 = 0.0142
Debt = 0.1416
Market Cap = 0
Weight Debt = Market Cap / (Market Cap + Debt) = 0 / (0 + 0.1416) = 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) = 2.39
β = 0
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.39 + 0 * 5.94 + 0 = 0.0239
WACC = (0.0142 / 0.1416) * (100% - 0) * (1 - 0.21) + 0.0239 + 0 = 7.93
Terminal Value = Discount (0.1185 * (1 + 0.2193) / (7.93 - 0.2193)) = 0.7049
Company Value = ∑ (0.1185 / (1 + 7.93) ^ 5) = 0.3218
Price = (Terminal Value + Company Value) / Count shares = (0.7049 + 0.3218) / 3130000 = 328

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) = -0.0064
FCF Yield = 0.0174
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 = 0.0142
Debt = 0.1416
Market Cap = 0
Weight Debt = Market Cap / (Market Cap + Debt) = 0 / (0 + 0.1416) = 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) = 2.39
β = 0
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.39 + 0 * 5.94 + 0 = 0.0239
WACC = (0.0142 / 0.1416) * (100% - 0) * (1 - 0.21) + 0.0239 + 0 = 7.93
Terminal Value = Discount (-0.0064 * (1 + 0.0174) / (7.93 - 0.0174)) = -0.0723
Company Value = ∑ (-0.0064 / (1 + 7.93) ^ 5) = -0.0248
Price = (Terminal Value + Company Value) / Count shares = (-0.0723 + -0.0248) / 3130000 = -31.02