TSE: 6191 - AirTrip Corp.

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 = 89.62
CAGR EPS = 17.04%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 1237 + (1237 * 17.04% / 100) = 1447.79

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) = 6.34
Ebitda Yield = 0.1546
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 = 0.521
Debt = 4.32
Market Cap = 64.7
Weight Debt = Market Cap / (Market Cap + Debt) = 64.7 / (64.7 + 4.32) = 0.9374
Weight Cost Debt = 100% - 0.9374 = 0.0626
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) = 2.82
β = 1.95
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + 1.95 * 5.94 + 0 = 0.144
WACC = (0.521 / 4.32) * (100% - 0.9374) * (1 - 0.21) + 0.144 + 0.9374 = 9.57
Terminal Value = Discount (6.34 * (1 + 0.1546) / (9.57 - 0.1546)) = 78.71
Company Value = ∑ (6.34 / (1 + 9.57) ^ 5) = 18.13
Price = (Terminal Value + Company Value) / Count shares = (78.71 + 18.13) / 22460000 = 4311.99

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) = 2.99
FCF Yield = 0.1902
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 = 0.521
Debt = 4.32
Market Cap = 64.7
Weight Debt = Market Cap / (Market Cap + Debt) = 64.7 / (64.7 + 4.32) = 0.9374
Weight Cost Debt = 100% - 0.9374 = 0.0626
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) = 2.82
β = 1.95
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + 1.95 * 5.94 + 0 = 0.144
WACC = (0.521 / 4.32) * (100% - 0.9374) * (1 - 0.21) + 0.144 + 0.9374 = 9.57
Terminal Value = Discount (2.99 * (1 + 0.1902) / (9.57 - 0.1902)) = 23.8
Company Value = ∑ (2.99 / (1 + 9.57) ^ 5) = 8.07
Price = (Terminal Value + Company Value) / Count shares = (23.8 + 8.07) / 22460000 = 1418.76