NYSE: TWI - Titan International, 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 = 1.25
CAGR EPS = 28.17%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 11.61 + (11.61 * 28.17% / 100) = 14.87

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) = 0.624
Ebitda Yield = 0.2955
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 = 0.0188
Debt = 0.4311
Market Cap = 0.7408
Weight Debt = Market Cap / (Market Cap + Debt) = 0.7408 / (0.7408 + 0.4311) = 0.6321
Weight Cost Debt = 100% - 0.6321 = 0.3679
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 = -1.06
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + -1.06 * 5.94 + 0 = -0.035
WACC = (0.0188 / 0.4311) * (100% - 0.6321) * (1 - 0.21) + -0.035 + 0.6321 = 3.4
Terminal Value = Discount (0.624 * (1 + 0.2955) / (3.4 - 0.2955)) = 2.62
Company Value = ∑ (0.624 / (1 + 3.4) ^ 5) = 1.77
Price = (Terminal Value + Company Value) / Count shares = (2.62 + 1.77) / 62960000 = 69.62

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) = 1.03
FCF Yield = 0.5397
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 = 0.0188
Debt = 0.4311
Market Cap = 0.7408
Weight Debt = Market Cap / (Market Cap + Debt) = 0.7408 / (0.7408 + 0.4311) = 0.6321
Weight Cost Debt = 100% - 0.6321 = 0.3679
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 = -1.06
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + -1.06 * 5.94 + 0 = -0.035
WACC = (0.0188 / 0.4311) * (100% - 0.6321) * (1 - 0.21) + -0.035 + 0.6321 = 3.4
Terminal Value = Discount (1.03 * (1 + 0.5397) / (3.4 - 0.5397)) = 2.64
Company Value = ∑ (1.03 / (1 + 3.4) ^ 5) = 2.28
Price = (Terminal Value + Company Value) / Count shares = (2.64 + 2.28) / 62960000 = 78.22