NYSE: MOGU - MOGU 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 = -6.85
CAGR EPS = 9.16%
Key Rate = 0.0458
Excess Key Rate = 2
Price = 2.06 + (2.06 * 9.16% / 100) = 2.25

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) = 3.6E-5
Ebitda Yield = -1.23
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 = 0.000191
Debt = 0.0027
Market Cap = 0.0155
Weight Debt = Market Cap / (Market Cap + Debt) = 0.0155 / (0.0155 + 0.0027) = 0.8535
Weight Cost Debt = 100% - 0.8535 = 0.1465
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 = -3.69
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.6 + -3.69 * 5.94 + 0 = -0.193
WACC = (0.000191 / 0.0027) * (100% - 0.8535) * (1 - 0.21) + -0.193 + 0.8535 = 5.46
Terminal Value = Discount (3.6E-5 * (1 + -1.23) / (5.46 - -1.23)) = 0
Company Value = ∑ (3.6E-5 / (1 + 5.46) ^ 5) = 0.0094
Price = (Terminal Value + Company Value) / Count shares = (0 + 0.0094) / 8400000 = 1.11

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) = -0.0604
FCF Yield = -0.1481
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 = 0.000191
Debt = 0.0027
Market Cap = 0.0155
Weight Debt = Market Cap / (Market Cap + Debt) = 0.0155 / (0.0155 + 0.0027) = 0.8535
Weight Cost Debt = 100% - 0.8535 = 0.1465
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 = -3.69
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.6 + -3.69 * 5.94 + 0 = -0.193
WACC = (0.000191 / 0.0027) * (100% - 0.8535) * (1 - 0.21) + -0.193 + 0.8535 = 5.46
Terminal Value = Discount (-0.0604 * (1 + -0.1481) / (5.46 - -0.1481)) = -0.1947
Company Value = ∑ (-0.0604 / (1 + 5.46) ^ 5) = -0.3712
Price = (Terminal Value + Company Value) / Count shares = (-0.1947 + -0.3712) / 8400000 = -67.36