OTC: CFPZF - Canfor Corporation

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 = -3.95
CAGR EPS = 8.66%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 11.98 + (11.98 * 8.66% / 100) = 13.01

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) = 0.0048
Ebitda Yield = -1.43
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 = 0.0465
Debt = 0.4914
Market Cap = 1.76
Weight Debt = Market Cap / (Market Cap + Debt) = 1.76 / (1.76 + 0.4914) = 0.7817
Weight Cost Debt = 100% - 0.7817 = 0.2183
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 = 0.8936
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + 0.8936 * 5.94 + 0 = 0.0813
WACC = (0.0465 / 0.4914) * (100% - 0.7817) * (1 - 0.21) + 0.0813 + 0.7817 = 7.48
Terminal Value = Discount (0.0048 * (1 + -1.43) / (7.48 - -1.43)) = -0.000957
Company Value = ∑ (0.0048 / (1 + 7.48) ^ 5) = 0.0978
Price = (Terminal Value + Company Value) / Count shares = (-0.000957 + 0.0978) / 118410000 = 0.8179

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) = 0.0033
FCF Yield = -1.42
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 = 0.0465
Debt = 0.4914
Market Cap = 1.76
Weight Debt = Market Cap / (Market Cap + Debt) = 1.76 / (1.76 + 0.4914) = 0.7817
Weight Cost Debt = 100% - 0.7817 = 0.2183
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 = 0.8936
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + 0.8936 * 5.94 + 0 = 0.0813
WACC = (0.0465 / 0.4914) * (100% - 0.7817) * (1 - 0.21) + 0.0813 + 0.7817 = 7.48
Terminal Value = Discount (0.0033 * (1 + -1.42) / (7.48 - -1.42)) = -0.000643
Company Value = ∑ (0.0033 / (1 + 7.48) ^ 5) = 0.0701
Price = (Terminal Value + Company Value) / Count shares = (-0.000643 + 0.0701) / 118410000 = 0.5863