OTC: TCLAF - Transcontinental Inc.

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 = 0.9908
CAGR EPS = -17.03%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 0.9908 * (1 + -17.03%) / (0.0433 * 2) = 9.49

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 = 0.8293
g = -0.0338
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) = 2.75
β = 2.23
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.75 + 2.23 * 5.94 + 0 = 0.1598
Price = (0.8293 * (1 + -0.0338)) / (0.1598 - -0.0338) = 4.14

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) = 0.3918
Ebitda Yield = -0.0224
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 = 0.0584
Debt = 0.9634
Market Cap = 0
Weight Debt = Market Cap / (Market Cap + Debt) = 0 / (0 + 0.9634) = 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) = 2.75
β = 2.23
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.75 + 2.23 * 5.94 + 0 = 0.1598
WACC = (0.0584 / 0.9634) * (100% - 0) * (1 - 0.21) + 0.1598 + 0 = 4.79
Terminal Value = Discount (0.3918 * (1 + -0.0224) / (4.79 - -0.0224)) = 4.31
Company Value = ∑ (0.3918 / (1 + 4.79) ^ 5) = 1.79
Price = (Terminal Value + Company Value) / Count shares = (4.31 + 1.79) / 86600000 = 70.46

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) = 0.2861
FCF Yield = -0.0059
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 = 0.0584
Debt = 0.9634
Market Cap = 0
Weight Debt = Market Cap / (Market Cap + Debt) = 0 / (0 + 0.9634) = 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) = 2.75
β = 2.23
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.75 + 2.23 * 5.94 + 0 = 0.1598
WACC = (0.0584 / 0.9634) * (100% - 0) * (1 - 0.21) + 0.1598 + 0 = 4.79
Terminal Value = Discount (0.2861 * (1 + -0.0059) / (4.79 - -0.0059)) = 4.18
Company Value = ∑ (0.2861 / (1 + 4.79) ^ 5) = 1.26
Price = (Terminal Value + Company Value) / Count shares = (4.18 + 1.26) / 86600000 = 62.86