NYSE: RMAX - RE/MAX Holdings, Inc.

Price = EPS * (1 + CAGR EPS) / (Key Rate * Excess Key Rate)
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 = 0.3692
CAGR EPS = -19.47%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 0.3692 * (1 + -19.47%) / (0.0433 * 2) = 3.43

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) = 0.00018
Ebitda Yield = -0.3991
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 = 0.0363
Debt = 0.0358
Market Cap = 0
Weight Debt = Market Cap / (Market Cap + Debt) = 0 / (0 + 0.0358) = 0
Weight Cost Debt = 100% - 0 = 1
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) = 2.82
β = 4.39
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + 4.39 * 5.94 + 0 = 0.289
WACC = (0.0363 / 0.0358) * (100% - 0) * (1 - 0.21) + 0.289 + 0 = 79.95
Terminal Value = Discount (0.00018 * (1 + -0.3991) / (79.95 - -0.3991)) = 0
Company Value = ∑ (0.00018 / (1 + 79.95) ^ 5) = 0.0011
Price = (Terminal Value + Company Value) / Count shares = (0 + 0.0011) / 19290000 = 0.0598

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) = 0.0092
FCF Yield = -0.1581
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 = 0.0363
Debt = 0.0358
Market Cap = 0
Weight Debt = Market Cap / (Market Cap + Debt) = 0 / (0 + 0.0358) = 0
Weight Cost Debt = 100% - 0 = 1
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) = 2.82
β = 4.39
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + 4.39 * 5.94 + 0 = 0.289
WACC = (0.0363 / 0.0358) * (100% - 0) * (1 - 0.21) + 0.289 + 0 = 79.95
Terminal Value = Discount (0.0092 * (1 + -0.1581) / (79.95 - -0.1581)) = 0.00043
Company Value = ∑ (0.0092 / (1 + 79.95) ^ 5) = 0.0188
Price = (Terminal Value + Company Value) / Count shares = (0.00043 + 0.0188) / 19290000 = 0.9955