NYSE: NOA - North American Construction Group Ltd.

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 = 1.91
CAGR EPS = 4.83%
Key Rate = 0.0458
Excess Key Rate = 2
Price = 20.4 + (20.4 * 4.83% / 100) = 21.38

Price = (DPS * (1 + g)) / (Cost Of Equity - g)
Price - 价格公道
DPS — 当期股息
g — 预期增长率
DPS = 0.3815
g = 0.119
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 = -1.26
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.6 + -1.26 * 5.94 + 0 = -0.049
Price = (0.3815 * (1 + 0.119)) / (-0.049 - 0.119) = 2.54

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) = 0.3604
Ebitda Yield = 0.0735
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 = 0.0353
Debt = 0.6944
Market Cap = 0.635
Weight Debt = Market Cap / (Market Cap + Debt) = 0.635 / (0.635 + 0.6944) = 0.4777
Weight Cost Debt = 100% - 0.4777 = 0.5223
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 = -1.26
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.6 + -1.26 * 5.94 + 0 = -0.049
WACC = (0.0353 / 0.6944) * (100% - 0.4777) * (1 - 0.21) + -0.049 + 0.4777 = 3.98
Terminal Value = Discount (0.3604 * (1 + 0.0735) / (3.98 - 0.0735)) = 9.44
Company Value = ∑ (0.3604 / (1 + 3.98) ^ 5) = 1.39
Price = (Terminal Value + Company Value) / Count shares = (9.44 + 1.39) / 33029999 = 328.11

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) = 4.63
FCF Yield = 1.33
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 = 0.0353
Debt = 0.6944
Market Cap = 0.635
Weight Debt = Market Cap / (Market Cap + Debt) = 0.635 / (0.635 + 0.6944) = 0.4777
Weight Cost Debt = 100% - 0.4777 = 0.5223
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 = -1.26
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.6 + -1.26 * 5.94 + 0 = -0.049
WACC = (0.0353 / 0.6944) * (100% - 0.4777) * (1 - 0.21) + -0.049 + 0.4777 = 3.98
Terminal Value = Discount (4.63 * (1 + 1.33) / (3.98 - 1.33)) = 6.87
Company Value = ∑ (4.63 / (1 + 3.98) ^ 5) = 6.75
Price = (Terminal Value + Company Value) / Count shares = (6.87 + 6.75) / 33029999 = 412.29