NYSE: FENG - Phoenix New Media Limited

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 = -8.45
CAGR EPS = 8.66%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 1.97 + (1.97 * 8.66% / 100) = 2.14

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) = -0.029
Ebitda Yield = -0.1897
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 = 0.0043
Debt = 0.0694
Market Cap = 0.0174
Weight Debt = Market Cap / (Market Cap + Debt) = 0.0174 / (0.0174 + 0.0694) = 0.2004
Weight Cost Debt = 100% - 0.2004 = 0.7996
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 = -2.37
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.89 + -2.37 * 5.94 + 0 = -0.1122
WACC = (0.0043 / 0.0694) * (100% - 0.2004) * (1 - 0.21) + -0.1122 + 0.2004 = 4.86
Terminal Value = Discount (-0.029 * (1 + -0.1897) / (4.86 - -0.1897)) = -0.0779
Company Value = ∑ (-0.029 / (1 + 4.86) ^ 5) = -0.2048
Price = (Terminal Value + Company Value) / Count shares = (-0.0779 + -0.2048) / 12130000 = -23.3

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) = -0.0181
FCF Yield = -0.2385
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 = 0.0043
Debt = 0.0694
Market Cap = 0.0174
Weight Debt = Market Cap / (Market Cap + Debt) = 0.0174 / (0.0174 + 0.0694) = 0.2004
Weight Cost Debt = 100% - 0.2004 = 0.7996
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 = -2.37
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.89 + -2.37 * 5.94 + 0 = -0.1122
WACC = (0.0043 / 0.0694) * (100% - 0.2004) * (1 - 0.21) + -0.1122 + 0.2004 = 4.86
Terminal Value = Discount (-0.0181 * (1 + -0.2385) / (4.86 - -0.2385)) = -0.0378
Company Value = ∑ (-0.0181 / (1 + 4.86) ^ 5) = -0.1493
Price = (Terminal Value + Company Value) / Count shares = (-0.0378 + -0.1493) / 12130000 = -15.43