TSE: 9553 - MicroAd, Inc.

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 = 19.85
CAGR EPS = 42.09%
Key Rate = 0.0458
Excess Key Rate = 2
Price = 19.85 * (1 + 42.09%) / (0.0458 * 2) = 307.93

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) = 2.76
Ebitda Yield = 0.2431
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 = 0.0048
Debt = 1.19
Market Cap = 55.43
Weight Debt = Market Cap / (Market Cap + Debt) = 55.43 / (55.43 + 1.19) = 0.9789
Weight Cost Debt = 100% - 0.9789 = 0.0211
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 = -4.62
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.75 + -4.62 * 5.94 + 0 = -0.2466
WACC = (0.0048 / 1.19) * (100% - 0.9789) * (1 - 0.21) + -0.2466 + 0.9789 = 0.0709
Terminal Value = Discount (2.76 * (1 + 0.2431) / (0.0709 - 0.2431)) = 14.11
Company Value = ∑ (2.76 / (1 + 0.0709) ^ 5) = 9.34
Price = (Terminal Value + Company Value) / Count shares = (14.11 + 9.34) / 28470000 = 823.48

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) = 0.0032
FCF Yield = -1.43
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 = 0.0048
Debt = 1.19
Market Cap = 55.43
Weight Debt = Market Cap / (Market Cap + Debt) = 55.43 / (55.43 + 1.19) = 0.9789
Weight Cost Debt = 100% - 0.9789 = 0.0211
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 = -4.62
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.75 + -4.62 * 5.94 + 0 = -0.2466
WACC = (0.0048 / 1.19) * (100% - 0.9789) * (1 - 0.21) + -0.2466 + 0.9789 = 0.0709
Terminal Value = Discount (0.0032 * (1 + -1.43) / (0.0709 - -1.43)) = -0.000976
Company Value = ∑ (0.0032 / (1 + 0.0709) ^ 5) = 0.0647
Price = (Terminal Value + Company Value) / Count shares = (-0.000976 + 0.0647) / 28470000 = 2.24