NYSE: CANG - Cango 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 = -0.3117
CAGR EPS = -163.37%
Key Rate = 0.0458
Excess Key Rate = 2
Price = 0 + (0 * -163.37% / 100) = 2.16

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) = 0.019
Ebitda Yield = -0.247
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 = 0.0041
Debt = 0.0483
Market Cap = 0.159
Weight Debt = Market Cap / (Market Cap + Debt) = 0.159 / (0.159 + 0.0483) = 0.767
Weight Cost Debt = 100% - 0.767 = 0.233
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 = 10.25
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.6 + 10.25 * 5.94 + 0 = 0.6346
WACC = (0.0041 / 0.0483) * (100% - 0.767) * (1 - 0.21) + 0.6346 + 0.767 = 7.14
Terminal Value = Discount (0.019 * (1 + -0.247) / (7.14 - -0.247)) = 0.0318
Company Value = ∑ (0.019 / (1 + 7.14) ^ 5) = 0.1535
Price = (Terminal Value + Company Value) / Count shares = (0.0318 + 0.1535) / 121520000 = 1.52

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) = 2.3
FCF Yield = 0.1755
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 = 0.0041
Debt = 0.0483
Market Cap = 0.159
Weight Debt = Market Cap / (Market Cap + Debt) = 0.159 / (0.159 + 0.0483) = 0.767
Weight Cost Debt = 100% - 0.767 = 0.233
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 = 10.25
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.6 + 10.25 * 5.94 + 0 = 0.6346
WACC = (0.0041 / 0.0483) * (100% - 0.767) * (1 - 0.21) + 0.6346 + 0.767 = 7.14
Terminal Value = Discount (2.3 * (1 + 0.1755) / (7.14 - 0.1755)) = 18.38
Company Value = ∑ (2.3 / (1 + 7.14) ^ 5) = 6.82
Price = (Terminal Value + Company Value) / Count shares = (18.38 + 6.82) / 121520000 = 207.43