TSE: 4674 - Cresco 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 = 90.06
CAGR EPS = -4.65%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 90.06 * (1 + -4.65%) / (0.0433 * 2) = 991.65

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 = 32.5
g = 0.1
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) = 2.89
β = -1.16
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.89 + -1.16 * 5.94 + 0 = -0.0402
Price = (32.5 * (1 + 0.1)) / (-0.0402 - 0.1) = 255.02

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) = 8.26
Ebitda Yield = 0.0583
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 = 0.0027
Debt = 2.39
Market Cap = 43.28
Weight Debt = Market Cap / (Market Cap + Debt) = 43.28 / (43.28 + 2.39) = 0.9477
Weight Cost Debt = 100% - 0.9477 = 0.0523
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) = 2.89
β = -1.16
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.89 + -1.16 * 5.94 + 0 = -0.0402
WACC = (0.0027 / 2.39) * (100% - 0.9477) * (1 - 0.21) + -0.0402 + 0.9477 = 0.0499
Terminal Value = Discount (8.26 * (1 + 0.0583) / (0.0499 - 0.0583)) = 150.99
Company Value = ∑ (8.26 / (1 + 0.0499) ^ 5) = 36.95
Price = (Terminal Value + Company Value) / Count shares = (150.99 + 36.95) / 41400000 = 4539.5

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) = 2.7
FCF Yield = -0.0173
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 = 0.0027
Debt = 2.39
Market Cap = 43.28
Weight Debt = Market Cap / (Market Cap + Debt) = 43.28 / (43.28 + 2.39) = 0.9477
Weight Cost Debt = 100% - 0.9477 = 0.0523
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) = 2.89
β = -1.16
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.89 + -1.16 * 5.94 + 0 = -0.0402
WACC = (0.0027 / 2.39) * (100% - 0.9477) * (1 - 0.21) + -0.0402 + 0.9477 = 0.0499
Terminal Value = Discount (2.7 * (1 + -0.0173) / (0.0499 - -0.0173)) = 148.94
Company Value = ∑ (2.7 / (1 + 0.0499) ^ 5) = 13.98
Price = (Terminal Value + Company Value) / Count shares = (148.94 + 13.98) / 41400000 = 3935.13