OTC: AHICF - Asahi Intecc Co., Ltd.

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 = 48.25
CAGR EPS = 2.32%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 19.4 + (19.4 * 2.32% / 100) = 19.85

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) = 35.84
Ebitda Yield = 0.0609
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 = 0.308
Debt = 14.25
Market Cap = 5.11
Weight Debt = Market Cap / (Market Cap + Debt) = 5.11 / (5.11 + 14.25) = 0.2639
Weight Cost Debt = 100% - 0.2639 = 0.7361
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 = 0
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + 0 * 5.94 + 0 = 0.0282
WACC = (0.308 / 14.25) * (100% - 0.2639) * (1 - 0.21) + 0.0282 + 0.2639 = 1.71
Terminal Value = Discount (35.84 * (1 + 0.0609) / (1.71 - 0.0609)) = 797.41
Company Value = ∑ (35.84 / (1 + 1.71) ^ 5) = 151.58
Price = (Terminal Value + Company Value) / Count shares = (797.41 + 151.58) / 271000000 = 3501.8

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) = 14.09
FCF Yield = 0.1701
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 = 0.308
Debt = 14.25
Market Cap = 5.11
Weight Debt = Market Cap / (Market Cap + Debt) = 5.11 / (5.11 + 14.25) = 0.2639
Weight Cost Debt = 100% - 0.2639 = 0.7361
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 = 0
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + 0 * 5.94 + 0 = 0.0282
WACC = (0.308 / 14.25) * (100% - 0.2639) * (1 - 0.21) + 0.0282 + 0.2639 = 1.71
Terminal Value = Discount (14.09 * (1 + 0.1701) / (1.71 - 0.1701)) = 99.02
Company Value = ∑ (14.09 / (1 + 1.71) ^ 5) = 49.87
Price = (Terminal Value + Company Value) / Count shares = (99.02 + 49.87) / 271000000 = 549.42