TSE: 4192 - SpiderPlus & Co.

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 = -13.32
CAGR EPS = -246.59%
Key Rate = 0.0458
Excess Key Rate = 2
Price = 0 + (0 * -246.59% / 100) = 213.11

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) = 2.33
Ebitda Yield = -2.53
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 = 0.0085
Debt = 0.5023
Market Cap = 30.49
Weight Debt = Market Cap / (Market Cap + Debt) = 30.49 / (30.49 + 0.5023) = 0.9838
Weight Cost Debt = 100% - 0.9838 = 0.0162
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 = -1.46
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.75 + -1.46 * 5.94 + 0 = -0.0591
WACC = (0.0085 / 0.5023) * (100% - 0.9838) * (1 - 0.21) + -0.0591 + 0.9838 = 1.26
Terminal Value = Discount (2.33 * (1 + -2.53) / (1.26 - -2.53)) = -1.32
Company Value = ∑ (2.33 / (1 + 1.26) ^ 5) = 1.49
Price = (Terminal Value + Company Value) / Count shares = (-1.32 + 1.49) / 35090000 = 4.82

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) = 10.45
FCF Yield = -2.91
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 = 0.0085
Debt = 0.5023
Market Cap = 30.49
Weight Debt = Market Cap / (Market Cap + Debt) = 30.49 / (30.49 + 0.5023) = 0.9838
Weight Cost Debt = 100% - 0.9838 = 0.0162
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 = -1.46
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.75 + -1.46 * 5.94 + 0 = -0.0591
WACC = (0.0085 / 0.5023) * (100% - 0.9838) * (1 - 0.21) + -0.0591 + 0.9838 = 1.26
Terminal Value = Discount (10.45 * (1 + -2.91) / (1.26 - -2.91)) = -6.41
Company Value = ∑ (10.45 / (1 + 1.26) ^ 5) = 6.68
Price = (Terminal Value + Company Value) / Count shares = (-6.41 + 6.68) / 35090000 = 7.7