NYSE: NOG - Northern Oil and Gas, 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 = 10.03
CAGR EPS = 47.63%
Key Rate = 0.0458
Excess Key Rate = 2
Price = 39.31 + (39.31 * 47.63% / 100) = 58.03

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 = 1.62
g = -0.1616
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) = 2.75
β = -0.009
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.75 + -0.009 * 5.94 + 0 = 0.027
Price = (1.62 * (1 + -0.1616)) / (0.027 - -0.1616) = 7.2

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) = 8.68
Ebitda Yield = 0.3985
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 = 0.1387
Debt = 1.84
Market Cap = 3.83
Weight Debt = Market Cap / (Market Cap + Debt) = 3.83 / (3.83 + 1.84) = 0.676
Weight Cost Debt = 100% - 0.676 = 0.324
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) = 2.75
β = -0.009
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.75 + -0.009 * 5.94 + 0 = 0.027
WACC = (0.1387 / 1.84) * (100% - 0.676) * (1 - 0.21) + 0.027 + 0.676 = 5.95
Terminal Value = Discount (8.68 * (1 + 0.3985) / (5.95 - 0.3985)) = 26.82
Company Value = ∑ (8.68 / (1 + 5.95) ^ 5) = 20.13
Price = (Terminal Value + Company Value) / Count shares = (26.82 + 20.13) / 92060000 = 509.98

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) = -1.57
FCF Yield = 0.1892
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 = 0.1387
Debt = 1.84
Market Cap = 3.83
Weight Debt = Market Cap / (Market Cap + Debt) = 3.83 / (3.83 + 1.84) = 0.676
Weight Cost Debt = 100% - 0.676 = 0.324
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) = 2.75
β = -0.009
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.75 + -0.009 * 5.94 + 0 = 0.027
WACC = (0.1387 / 1.84) * (100% - 0.676) * (1 - 0.21) + 0.027 + 0.676 = 5.95
Terminal Value = Discount (-1.57 * (1 + 0.1892) / (5.95 - 0.1892)) = -10.81
Company Value = ∑ (-1.57 / (1 + 5.95) ^ 5) = -4.74
Price = (Terminal Value + Company Value) / Count shares = (-10.81 + -4.74) / 92060000 = -168.95