TSE: 4169 - ENECHANGE 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 = -163.55
CAGR EPS = 73.64%
Key Rate = 0.0458
Excess Key Rate = 2
Price = 605 + (605 * 73.64% / 100) = 1050.54

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) = 7.52
Ebitda Yield = -2.3
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 = 0.0779
Debt = 3.49
Market Cap = 41.47
Weight Debt = Market Cap / (Market Cap + Debt) = 41.47 / (41.47 + 3.49) = 0.9224
Weight Cost Debt = 100% - 0.9224 = 0.0776
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 = -3.72
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.75 + -3.72 * 5.94 + 0 = -0.1933
WACC = (0.0779 / 3.49) * (100% - 0.9224) * (1 - 0.21) + -0.1933 + 0.9224 = 1.57
Terminal Value = Discount (7.52 * (1 + -2.3) / (1.57 - -2.3)) = -3.91
Company Value = ∑ (7.52 / (1 + 1.57) ^ 5) = 5.04
Price = (Terminal Value + Company Value) / Count shares = (-3.91 + 5.04) / 30080000 = 37.72

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) = -9.34
FCF Yield = 0.3082
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 = 0.0779
Debt = 3.49
Market Cap = 41.47
Weight Debt = Market Cap / (Market Cap + Debt) = 41.47 / (41.47 + 3.49) = 0.9224
Weight Cost Debt = 100% - 0.9224 = 0.0776
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 = -3.72
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.75 + -3.72 * 5.94 + 0 = -0.1933
WACC = (0.0779 / 3.49) * (100% - 0.9224) * (1 - 0.21) + -0.1933 + 0.9224 = 1.57
Terminal Value = Discount (-9.34 * (1 + 0.3082) / (1.57 - 0.3082)) = -38.62
Company Value = ∑ (-9.34 / (1 + 1.57) ^ 5) = -27.73
Price = (Terminal Value + Company Value) / Count shares = (-38.62 + -27.73) / 30080000 = -2205.78