NYSE: JT - Jianpu Technology 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 = -6.33
CAGR EPS = 9.16%
Key Rate = 0.0458
Excess Key Rate = 2
Price = 0.8975 + (0.8975 * 9.16% / 100) = 0.9797

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) = 0.0023
Ebitda Yield = -1.57
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 = 0.0037
Debt = 0.2535
Market Cap = 0.0231
Weight Debt = Market Cap / (Market Cap + Debt) = 0.0231 / (0.0231 + 0.2535) = 0.0835
Weight Cost Debt = 100% - 0.0835 = 0.9165
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 = 0
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.6 + 0 * 5.94 + 0 = 0.026
WACC = (0.0037 / 0.2535) * (100% - 0.0835) * (1 - 0.21) + 0.026 + 0.0835 = 1.15
Terminal Value = Discount (0.0023 * (1 + -1.57) / (1.15 - -1.57)) = -0.000783
Company Value = ∑ (0.0023 / (1 + 1.15) ^ 5) = 0.015
Price = (Terminal Value + Company Value) / Count shares = (-0.000783 + 0.015) / 21200000 = 0.672

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) = -0.2008
FCF Yield = 0.0512
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 = 0.0037
Debt = 0.2535
Market Cap = 0.0231
Weight Debt = Market Cap / (Market Cap + Debt) = 0.0231 / (0.0231 + 0.2535) = 0.0835
Weight Cost Debt = 100% - 0.0835 = 0.9165
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 = 0
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.6 + 0 * 5.94 + 0 = 0.026
WACC = (0.0037 / 0.2535) * (100% - 0.0835) * (1 - 0.21) + 0.026 + 0.0835 = 1.15
Terminal Value = Discount (-0.2008 * (1 + 0.0512) / (1.15 - 0.0512)) = -5.02
Company Value = ∑ (-0.2008 / (1 + 1.15) ^ 5) = -0.879
Price = (Terminal Value + Company Value) / Count shares = (-5.02 + -0.879) / 21200000 = -278.27