NYSE: GSX - GSX

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 = 2.63
CAGR EPS = 99.19%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 12.97 + (12.97 * 99.19% / 100) = 25.83

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) = -1.74
Ebitda Yield = 0.3105
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
Debt = 0.7968
Market Cap = 4.55
Weight Debt = Market Cap / (Market Cap + Debt) = 4.55 / (4.55 + 0.7968) = 0.8509
Weight Cost Debt = 100% - 0.8509 = 0.1491
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) = 3
β = 0
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 3 + 0 * 5.94 + 0 = 0.03
WACC = (0 / 0.7968) * (100% - 0.8509) * (1 - 0.21) + 0.03 + 0.8509 = 0.0255
Terminal Value = Discount (-1.74 * (1 + 0.3105) / (0.0255 - 0.3105)) = -7.35
Company Value = ∑ (-1.74 / (1 + 0.0255) ^ 5) = -5.45
Price = (Terminal Value + Company Value) / Count shares = (-7.35 + -5.45) / 1127000000 = -11.36

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) = 1.41
FCF Yield = 0.3456
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
Debt = 0.7968
Market Cap = 4.55
Weight Debt = Market Cap / (Market Cap + Debt) = 4.55 / (4.55 + 0.7968) = 0.8509
Weight Cost Debt = 100% - 0.8509 = 0.1491
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) = 3
β = 0
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 3 + 0 * 5.94 + 0 = 0.03
WACC = (0 / 0.7968) * (100% - 0.8509) * (1 - 0.21) + 0.03 + 0.8509 = 0.0255
Terminal Value = Discount (1.41 * (1 + 0.3456) / (0.0255 - 0.3456)) = 5.48
Company Value = ∑ (1.41 / (1 + 0.0255) ^ 5) = 4.24
Price = (Terminal Value + Company Value) / Count shares = (5.48 + 4.24) / 1127000000 = 8.62