NYSE: DQ - Daqo New Energy

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 = 5.73
CAGR EPS = 68.5%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 19.37 + (19.37 * 68.5% / 100) = 32.63

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) = 6.2
Ebitda Yield = 0.4608
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 = 0.0145
Debt = 0.0207
Market Cap = 2.72
Weight Debt = Market Cap / (Market Cap + Debt) = 2.72 / (2.72 + 0.0207) = 0.9924
Weight Cost Debt = 100% - 0.9924 = 0.0076000000000001
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 = 2.44
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.89 + 2.44 * 5.94 + 0 = 0.1737
WACC = (0.0145 / 0.0207) * (100% - 0.9924) * (1 - 0.21) + 0.1737 + 0.9924 = 54.96
Terminal Value = Discount (6.2 * (1 + 0.4608) / (54.96 - 0.4608)) = 11.41
Company Value = ∑ (6.2 / (1 + 54.96) ^ 5) = 3.92
Price = (Terminal Value + Company Value) / Count shares = (11.41 + 3.92) / 74960000 = 204.52

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) = 1.92
FCF Yield = 0.3487
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 = 0.0145
Debt = 0.0207
Market Cap = 2.72
Weight Debt = Market Cap / (Market Cap + Debt) = 2.72 / (2.72 + 0.0207) = 0.9924
Weight Cost Debt = 100% - 0.9924 = 0.0076000000000001
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 = 2.44
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.89 + 2.44 * 5.94 + 0 = 0.1737
WACC = (0.0145 / 0.0207) * (100% - 0.9924) * (1 - 0.21) + 0.1737 + 0.9924 = 54.96
Terminal Value = Discount (1.92 * (1 + 0.3487) / (54.96 - 0.3487)) = 1.44
Company Value = ∑ (1.92 / (1 + 54.96) ^ 5) = 1.44
Price = (Terminal Value + Company Value) / Count shares = (1.44 + 1.44) / 74960000 = 38.43