OTC: FCXXF - First Capital Real Estate Investment Trust

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 = -0.4687
CAGR EPS = -177.29%
Key Rate = 0.0458
Excess Key Rate = 2
Price = 0 + (0 * -177.29% / 100) = 3.95

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 = 0.8263
g = -0.0634
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 = 2.61
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.6 + 2.61 * 5.94 + 0 = 0.1813
Price = (0.8263 * (1 + -0.0634)) / (0.1813 - -0.0634) = 3.16

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) = 0.2593
Ebitda Yield = -0.0452
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 = 0.1143
Debt = 4.01
Market Cap = 0
Weight Debt = Market Cap / (Market Cap + Debt) = 0 / (0 + 4.01) = 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) = 2.6
β = 2.61
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.6 + 2.61 * 5.94 + 0 = 0.1813
WACC = (0.1143 / 4.01) * (100% - 0) * (1 - 0.21) + 0.1813 + 0 = 2.25
Terminal Value = Discount (0.2593 * (1 + -0.0452) / (2.25 - -0.0452)) = 3.27
Company Value = ∑ (0.2593 / (1 + 2.25) ^ 5) = 1.34
Price = (Terminal Value + Company Value) / Count shares = (3.27 + 1.34) / 212180000 = 21.71

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 FCF(5) * (1 + FCF Yield) / (WACC - FCF Yield)
Company Value = ∑ (Discount FCF / (1 + WACC) ^ 5)
Discount FCF(5) = 0.1469
FCF Yield = 0.1257
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 = 0.1143
Debt = 4.01
Market Cap = 0
Weight Debt = Market Cap / (Market Cap + Debt) = 0 / (0 + 4.01) = 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) = 2.6
β = 2.61
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.6 + 2.61 * 5.94 + 0 = 0.1813
WACC = (0.1143 / 4.01) * (100% - 0) * (1 - 0.21) + 0.1813 + 0 = 2.25
Terminal Value = Discount (0.1469 * (1 + 0.1257) / (2.25 - 0.1257)) = 1.43
Company Value = ∑ (0.1469 / (1 + 2.25) ^ 5) = 0.5474
Price = (Terminal Value + Company Value) / Count shares = (1.43 + 0.5474) / 212180000 = 9.34