OTC: ATEYY - Advantest Corporation

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 = 84.16
CAGR EPS = 166.52%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 36.93 + (36.93 * 166.52% / 100) = 98.43

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) = 154.6
Ebitda Yield = 0.0724
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 = 4.7
Debt = 94.44
Market Cap = 23.78
Weight Debt = Market Cap / (Market Cap + Debt) = 23.78 / (23.78 + 94.44) = 0.2011
Weight Cost Debt = 100% - 0.2011 = 0.7989
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) = 2.39
β = 1.86
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.39 + 1.86 * 5.94 + 0 = 0.1342
WACC = (4.7 / 94.44) * (100% - 0.2011) * (1 - 0.21) + 0.1342 + 0.2011 = 3.95
Terminal Value = Discount (154.6 * (1 + 0.0724) / (3.95 - 0.0724)) = 4148.37
Company Value = ∑ (154.6 / (1 + 3.95) ^ 5) = 598.9
Price = (Terminal Value + Company Value) / Count shares = (4148.37 + 598.9) / 740120000 = 6414.18

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) = 3.63
FCF Yield = -0.2142
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 = 4.7
Debt = 94.44
Market Cap = 23.78
Weight Debt = Market Cap / (Market Cap + Debt) = 23.78 / (23.78 + 94.44) = 0.2011
Weight Cost Debt = 100% - 0.2011 = 0.7989
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) = 2.39
β = 1.86
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.39 + 1.86 * 5.94 + 0 = 0.1342
WACC = (4.7 / 94.44) * (100% - 0.2011) * (1 - 0.21) + 0.1342 + 0.2011 = 3.95
Terminal Value = Discount (3.63 * (1 + -0.2142) / (3.95 - -0.2142)) = 9.27
Company Value = ∑ (3.63 / (1 + 3.95) ^ 5) = 28.28
Price = (Terminal Value + Company Value) / Count shares = (9.27 + 28.28) / 740120000 = 50.74