NYSE: TWO - Two Harbors Investment Corp.

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 = -1.59
CAGR EPS = 9.16%
Key Rate = 0.0458
Excess Key Rate = 2
Price = 12.65 + (12.65 * 9.16% / 100) = 13.81

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 = 1.8
g = -0.8798
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 = -0.7613
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.75 + -0.7613 * 5.94 + 0 = -0.0177
Price = (1.8 * (1 + -0.8798)) / (-0.0177 - -0.8798) = 0.2511

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) = 0.000498
Ebitda 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 = 0.6432
Debt = 1.89
Market Cap = 1.25
Weight Debt = Market Cap / (Market Cap + Debt) = 1.25 / (1.25 + 1.89) = 0.3977
Weight Cost Debt = 100% - 0.3977 = 0.6023
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 = -0.7613
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.75 + -0.7613 * 5.94 + 0 = -0.0177
WACC = (0.6432 / 1.89) * (100% - 0.3977) * (1 - 0.21) + -0.0177 + 0.3977 = 26.73
Terminal Value = Discount (0.000498 * (1 + -1.33) / (26.73 - -1.33)) = -3.1E-5
Company Value = ∑ (0.000498 / (1 + 26.73) ^ 5) = 0.0266
Price = (Terminal Value + Company Value) / Count shares = (-3.1E-5 + 0.0266) / 95670000 = 0.278

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) = 0.0042
FCF Yield = -0.3304
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 = 0.6432
Debt = 1.89
Market Cap = 1.25
Weight Debt = Market Cap / (Market Cap + Debt) = 1.25 / (1.25 + 1.89) = 0.3977
Weight Cost Debt = 100% - 0.3977 = 0.6023
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 = -0.7613
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.75 + -0.7613 * 5.94 + 0 = -0.0177
WACC = (0.6432 / 1.89) * (100% - 0.3977) * (1 - 0.21) + -0.0177 + 0.3977 = 26.73
Terminal Value = Discount (0.0042 * (1 + -0.3304) / (26.73 - -0.3304)) = 0.0014
Company Value = ∑ (0.0042 / (1 + 26.73) ^ 5) = 0.0332
Price = (Terminal Value + Company Value) / Count shares = (0.0014 + 0.0332) / 95670000 = 0.3615