NYSE: NM - Navios Maritime Holdings 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 = -2.66
CAGR EPS = 9.16%
Key Rate = 0.0458
Excess Key Rate = 2
Price = 2.07 + (2.07 * 9.16% / 100) = 2.26

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) = 0.0747
Ebitda Yield = -0.0879
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 = 0.0614
Debt = 0.6965
Market Cap = 0.0374
Weight Debt = Market Cap / (Market Cap + Debt) = 0.0374 / (0.0374 + 0.6965) = 0.051
Weight Cost Debt = 100% - 0.051 = 0.949
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 = (0.0614 / 0.6965) * (100% - 0.051) * (1 - 0.21) + 0.026 + 0.051 = 6.96
Terminal Value = Discount (0.0747 * (1 + -0.0879) / (6.96 - -0.0879)) = 0.3089
Company Value = ∑ (0.0747 / (1 + 6.96) ^ 5) = 0.3762
Price = (Terminal Value + Company Value) / Count shares = (0.3089 + 0.3762) / 22840000 = 29.99

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) = 0.023
FCF Yield = 0.264
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 = 0.0614
Debt = 0.6965
Market Cap = 0.0374
Weight Debt = Market Cap / (Market Cap + Debt) = 0.0374 / (0.0374 + 0.6965) = 0.051
Weight Cost Debt = 100% - 0.051 = 0.949
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 = (0.0614 / 0.6965) * (100% - 0.051) * (1 - 0.21) + 0.026 + 0.051 = 6.96
Terminal Value = Discount (0.023 * (1 + 0.264) / (6.96 - 0.264)) = 0.1069
Company Value = ∑ (0.023 / (1 + 6.96) ^ 5) = 0.0605
Price = (Terminal Value + Company Value) / Count shares = (0.1069 + 0.0605) / 22840000 = 7.33