OTC: NEXOY - NEXON Co., Ltd.

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 = 0.5661
CAGR EPS = -66.42%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 0.5661 * (1 + -66.42%) / (0.0433 * 2) = 2.2

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) = 0.0287
Ebitda Yield = -0.5023
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 = 0.05
Debt = 28.8
Market Cap = 16
Weight Debt = Market Cap / (Market Cap + Debt) = 16 / (16 + 28.8) = 0.3571
Weight Cost Debt = 100% - 0.3571 = 0.6429
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 = -1.62
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + -1.62 * 5.94 + 0 = -0.0681
WACC = (0.05 / 28.8) * (100% - 0.3571) * (1 - 0.21) + -0.0681 + 0.3571 = 0.1123
Terminal Value = Discount (0.0287 * (1 + -0.5023) / (0.1123 - -0.5023)) = 0.0283
Company Value = ∑ (0.0287 / (1 + 0.1123) ^ 5) = 0.9024
Price = (Terminal Value + Company Value) / Count shares = (0.0283 + 0.9024) / 857440000 = 1.09

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) = 125.84
FCF Yield = 0.018
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 = 0.05
Debt = 28.8
Market Cap = 16
Weight Debt = Market Cap / (Market Cap + Debt) = 16 / (16 + 28.8) = 0.3571
Weight Cost Debt = 100% - 0.3571 = 0.6429
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 = -1.62
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + -1.62 * 5.94 + 0 = -0.0681
WACC = (0.05 / 28.8) * (100% - 0.3571) * (1 - 0.21) + -0.0681 + 0.3571 = 0.1123
Terminal Value = Discount (125.84 * (1 + 0.018) / (0.1123 - 0.018)) = 7538.26
Company Value = ∑ (125.84 / (1 + 0.1123) ^ 5) = 605.26
Price = (Terminal Value + Company Value) / Count shares = (7538.26 + 605.26) / 857440000 = 9497.48