To give more details on the model: - Expected shareholder return...

To give more details on the model:
- Expected shareholder return is 13.8% This is the return I expect to make, every year, from holding CAN. I don't worry about beta and all that c*rap because I assign this based on what I want. CAN is in very early stages so must command a higher return.
- Terminal growth rate (3.5%) which is roughly inflation or a bit higher.
- The Share Price row tells us what the share price SHOULD be, if earnings follow that trajectory. It is calculated based on the Present Value of future projected earnings plus any additional earnings from the return of past earnings at the shareholders expected return.
- This is essentially an earnings discount model. I know usually you hear of DCF models. This is my own model, it is very similar to DCF. Only main difference is DCF will have a (slightly) lower valuation because it brings forward cash outflows that would appear as depreciation / amortisation in later years on my model. I don't use DCF for simplicity, but I think you can just use my model and reduce SP by 10% to reflect this and it's probably accurate, so $5.76 * 0.9 = $5.18.
- The only purpose of this model is to show you how the share price SHOULD rise in time, IF earnings trajectory is as estimated, and with expected shareholder return set at 13.8%.
The main summary of all this is I believe at current prices, CAN presents a good investment opportunity given the risk taken (uncertainty of future earnings).