OTC: ACAZF - Acadian Timber 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 = 1.28
CAGR EPS = 3.9%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 12.55 + (12.55 * 3.9% / 100) = 13.03

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 = 0.8446
g = 0.1449
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 = 0.0968
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + 0.0968 * 5.94 + 0 = 0.0339
Price = (0.8446 * (1 + 0.1449)) / (0.0339 - 0.1449) = 8.71

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) = 0.0262
Ebitda Yield = -0.0296
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 = 0.0023
Debt = 0.1037
Market Cap = 0
Weight Debt = Market Cap / (Market Cap + Debt) = 0 / (0 + 0.1037) = 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 = 0.0968
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + 0.0968 * 5.94 + 0 = 0.0339
WACC = (0.0023 / 0.1037) * (100% - 0) * (1 - 0.21) + 0.0339 + 0 = 1.75
Terminal Value = Discount (0.0262 * (1 + -0.0296) / (1.75 - -0.0296)) = 0.4943
Company Value = ∑ (0.0262 / (1 + 1.75) ^ 5) = 0.1322
Price = (Terminal Value + Company Value) / Count shares = (0.4943 + 0.1322) / 17120000 = 36.59

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) = 0.03
FCF Yield = 0.2697
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 = 0.0023
Debt = 0.1037
Market Cap = 0
Weight Debt = Market Cap / (Market Cap + Debt) = 0 / (0 + 0.1037) = 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 = 0.0968
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + 0.0968 * 5.94 + 0 = 0.0339
WACC = (0.0023 / 0.1037) * (100% - 0) * (1 - 0.21) + 0.0339 + 0 = 1.75
Terminal Value = Discount (0.03 * (1 + 0.2697) / (1.75 - 0.2697)) = 0.1386
Company Value = ∑ (0.03 / (1 + 1.75) ^ 5) = 0.0928
Price = (Terminal Value + Company Value) / Count shares = (0.1386 + 0.0928) / 17120000 = 13.52