NYSE: WSR - Whitestone REIT

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 = 0.3775
CAGR EPS = -7.91%
Key Rate = 0.0458
Excess Key Rate = 2
Price = 0.3775 * (1 + -7.91%) / (0.0458 * 2) = 3.79

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 = 0.5713
g = 0.0446
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 = 0.452
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.6 + 0.452 * 5.94 + 0 = 0.0528
Price = (0.5713 * (1 + 0.0446)) / (0.0528 - 0.0446) = 72.11

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 Ebitda(5) * (1 + Ebitda Yield) / (WACC - Ebitda Yield)
Company Value = ∑ (Discount Ebitda / (1 + WACC) ^ 5)
Discount Ebitda(5) = 0.0963
Ebitda Yield = 0.0201
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 = 0.0402
Debt = 0.7041
Market Cap = 0.4823
Weight Debt = Market Cap / (Market Cap + Debt) = 0.4823 / (0.4823 + 0.7041) = 0.4065
Weight Cost Debt = 100% - 0.4065 = 0.5935
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 = 0.452
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.6 + 0.452 * 5.94 + 0 = 0.0528
WACC = (0.0402 / 0.7041) * (100% - 0.4065) * (1 - 0.21) + 0.0528 + 0.4065 = 4.52
Terminal Value = Discount (0.0963 * (1 + 0.0201) / (4.52 - 0.0201)) = 3.14
Company Value = ∑ (0.0963 / (1 + 4.52) ^ 5) = 0.4055
Price = (Terminal Value + Company Value) / Count shares = (3.14 + 0.4055) / 50810000 = 69.8

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) = 0.0432
FCF Yield = -0.0093
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 = 0.0402
Debt = 0.7041
Market Cap = 0.4823
Weight Debt = Market Cap / (Market Cap + Debt) = 0.4823 / (0.4823 + 0.7041) = 0.4065
Weight Cost Debt = 100% - 0.4065 = 0.5935
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 = 0.452
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.6 + 0.452 * 5.94 + 0 = 0.0528
WACC = (0.0402 / 0.7041) * (100% - 0.4065) * (1 - 0.21) + 0.0528 + 0.4065 = 4.52
Terminal Value = Discount (0.0432 * (1 + -0.0093) / (4.52 - -0.0093)) = 0.6308
Company Value = ∑ (0.0432 / (1 + 4.52) ^ 5) = 0.1934
Price = (Terminal Value + Company Value) / Count shares = (0.6308 + 0.1934) / 50810000 = 16.22