NYSE: AP - Ampco-Pittsburgh Corporation

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 = -2.04
CAGR EPS = 4.08%
Key Rate = 0.0458
Excess Key Rate = 2
Price = 2.18 + (2.18 * 4.08% / 100) = 2.26

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) = 0.0798
Ebitda Yield = 0.2744
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 = 0.0093
Debt = 0.1296
Market Cap = 0.0609
Weight Debt = Market Cap / (Market Cap + Debt) = 0.0609 / (0.0609 + 0.1296) = 0.3197
Weight Cost Debt = 100% - 0.3197 = 0.6803
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) = 2.6
β = 7.37
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.6 + 7.37 * 5.94 + 0 = 0.4636
WACC = (0.0093 / 0.1296) * (100% - 0.3197) * (1 - 0.21) + 0.4636 + 0.3197 = 5.83
Terminal Value = Discount (0.0798 * (1 + 0.2744) / (5.83 - 0.2744)) = 0.3544
Company Value = ∑ (0.0798 / (1 + 5.83) ^ 5) = 0.2145
Price = (Terminal Value + Company Value) / Count shares = (0.3544 + 0.2145) / 19620000 = 28.99

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) = -0.0305
FCF Yield = 0.0477
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 = 0.0093
Debt = 0.1296
Market Cap = 0.0609
Weight Debt = Market Cap / (Market Cap + Debt) = 0.0609 / (0.0609 + 0.1296) = 0.3197
Weight Cost Debt = 100% - 0.3197 = 0.6803
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) = 2.6
β = 7.37
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.6 + 7.37 * 5.94 + 0 = 0.4636
WACC = (0.0093 / 0.1296) * (100% - 0.3197) * (1 - 0.21) + 0.4636 + 0.3197 = 5.83
Terminal Value = Discount (-0.0305 * (1 + 0.0477) / (5.83 - 0.0477)) = -2.28
Company Value = ∑ (-0.0305 / (1 + 5.83) ^ 5) = -0.1171
Price = (Terminal Value + Company Value) / Count shares = (-2.28 + -0.1171) / 19620000 = -122.43