OTC: LYSDY - Lynas Corporation Limited

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 = 0.0901
CAGR EPS = 108.65%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 0.0901 * (1 + 108.65%) / (0.0433 * 2) = 2.17

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) = 0.3896
Ebitda Yield = 0.1788
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 = 0.0088
Debt = 0.184
Market Cap = 4.09
Weight Debt = Market Cap / (Market Cap + Debt) = 4.09 / (4.09 + 0.184) = 0.957
Weight Cost Debt = 100% - 0.957 = 0.043
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 = -0.7493
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + -0.7493 * 5.94 + 0 = -0.0163
WACC = (0.0088 / 0.184) * (100% - 0.957) * (1 - 0.21) + -0.0163 + 0.957 = 3.71
Terminal Value = Discount (0.3896 * (1 + 0.1788) / (3.71 - 0.1788)) = 2.7
Company Value = ∑ (0.3896 / (1 + 3.71) ^ 5) = 1.28
Price = (Terminal Value + Company Value) / Count shares = (2.7 + 1.28) / 937990000 = 4.24

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) = 2.43
FCF Yield = -2.35
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 = 0.0088
Debt = 0.184
Market Cap = 4.09
Weight Debt = Market Cap / (Market Cap + Debt) = 4.09 / (4.09 + 0.184) = 0.957
Weight Cost Debt = 100% - 0.957 = 0.043
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 = -0.7493
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + -0.7493 * 5.94 + 0 = -0.0163
WACC = (0.0088 / 0.184) * (100% - 0.957) * (1 - 0.21) + -0.0163 + 0.957 = 3.71
Terminal Value = Discount (2.43 * (1 + -2.35) / (3.71 - -2.35)) = -1.15
Company Value = ∑ (2.43 / (1 + 3.71) ^ 5) = 1.46
Price = (Terminal Value + Company Value) / Count shares = (-1.15 + 1.46) / 937990000 = 0.3281