TSE: 2160 - GNI Group Ltd.

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 = 165.56
CAGR EPS = 62.86%
Key Rate = 0.0458
Excess Key Rate = 2
Price = 2383.5 + (2383.5 * 62.86% / 100) = 3881.78

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) = 91.64
Ebitda Yield = 0.4461
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 = 1.25
Debt = 3.15
Market Cap = 71.61
Weight Debt = Market Cap / (Market Cap + Debt) = 71.61 / (71.61 + 3.15) = 0.9579
Weight Cost Debt = 100% - 0.9579 = 0.0421
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
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.75 + 2 * 5.94 + 0 = 0.1462
WACC = (1.25 / 3.15) * (100% - 0.9579) * (1 - 0.21) + 0.1462 + 0.9579 = 31.21
Terminal Value = Discount (91.64 * (1 + 0.4461) / (31.21 - 0.4461)) = 254.27
Company Value = ∑ (91.64 / (1 + 31.21) ^ 5) = 97.9
Price = (Terminal Value + Company Value) / Count shares = (254.27 + 97.9) / 48890000 = 7203.38

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) = 68.98
FCF Yield = 0.7283
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 = 1.25
Debt = 3.15
Market Cap = 71.61
Weight Debt = Market Cap / (Market Cap + Debt) = 71.61 / (71.61 + 3.15) = 0.9579
Weight Cost Debt = 100% - 0.9579 = 0.0421
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
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.75 + 2 * 5.94 + 0 = 0.1462
WACC = (1.25 / 3.15) * (100% - 0.9579) * (1 - 0.21) + 0.1462 + 0.9579 = 31.21
Terminal Value = Discount (68.98 * (1 + 0.7283) / (31.21 - 0.7283)) = 73.65
Company Value = ∑ (68.98 / (1 + 31.21) ^ 5) = 55.08
Price = (Terminal Value + Company Value) / Count shares = (73.65 + 55.08) / 48890000 = 2633.04