NYSE: CIA - Citizens, 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 = 0.4822
CAGR EPS = 78.4%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 3.34 + (3.34 * 78.4% / 100) = 5.96

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) = 0.0794
Ebitda Yield = 0.238
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 = 0.000858
Debt = 0.0091
Market Cap = 0.1479
Weight Debt = Market Cap / (Market Cap + Debt) = 0.1479 / (0.1479 + 0.0091) = 0.9422
Weight Cost Debt = 100% - 0.9422 = 0.0578
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) = 2.82
β = 1.77
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + 1.77 * 5.94 + 0 = 0.1334
WACC = (0.000858 / 0.0091) * (100% - 0.9422) * (1 - 0.21) + 0.1334 + 0.9422 = 7.53
Terminal Value = Discount (0.0794 * (1 + 0.238) / (7.53 - 0.238)) = 0.4201
Company Value = ∑ (0.0794 / (1 + 7.53) ^ 5) = 0.2124
Price = (Terminal Value + Company Value) / Count shares = (0.4201 + 0.2124) / 50680000 = 12.48

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) = 0.0085
FCF Yield = -0.1706
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 = 0.000858
Debt = 0.0091
Market Cap = 0.1479
Weight Debt = Market Cap / (Market Cap + Debt) = 0.1479 / (0.1479 + 0.0091) = 0.9422
Weight Cost Debt = 100% - 0.9422 = 0.0578
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) = 2.82
β = 1.77
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + 1.77 * 5.94 + 0 = 0.1334
WACC = (0.000858 / 0.0091) * (100% - 0.9422) * (1 - 0.21) + 0.1334 + 0.9422 = 7.53
Terminal Value = Discount (0.0085 * (1 + -0.1706) / (7.53 - -0.1706)) = 0.0199
Company Value = ∑ (0.0085 / (1 + 7.53) ^ 5) = 0.053
Price = (Terminal Value + Company Value) / Count shares = (0.0199 + 0.053) / 50680000 = 1.44