OTC: CHGCY - Chugai Pharmaceutical Co., Ltd.

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 = 1.37
CAGR EPS = -28.09%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 1.37 * (1 + -28.09%) / (0.0433 * 2) = 11.35

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) = 3.57
Ebitda Yield = -0.2959
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 = 0.000187
Debt = 13.11
Market Cap = 47.56
Weight Debt = Market Cap / (Market Cap + Debt) = 47.56 / (47.56 + 13.11) = 0.7839
Weight Cost Debt = 100% - 0.7839 = 0.2161
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) = 2.89
β = -1.93
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.89 + -1.93 * 5.94 + 0 = -0.0856
WACC = (0.000187 / 13.11) * (100% - 0.7839) * (1 - 0.21) + -0.0856 + 0.7839 = -0.066
Terminal Value = Discount (3.57 * (1 + -0.2959) / (-0.066 - -0.2959)) = 8.55
Company Value = ∑ (3.57 / (1 + -0.066) ^ 5) = 40.71
Price = (Terminal Value + Company Value) / Count shares = (8.55 + 40.71) / 1645500000 = 29.94

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) = 21521.73
FCF Yield = 0.5776
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 = 0.000187
Debt = 13.11
Market Cap = 47.56
Weight Debt = Market Cap / (Market Cap + Debt) = 47.56 / (47.56 + 13.11) = 0.7839
Weight Cost Debt = 100% - 0.7839 = 0.2161
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) = 2.89
β = -1.93
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.89 + -1.93 * 5.94 + 0 = -0.0856
WACC = (0.000187 / 13.11) * (100% - 0.7839) * (1 - 0.21) + -0.0856 + 0.7839 = -0.066
Terminal Value = Discount (21521.73 * (1 + 0.5776) / (-0.066 - 0.5776)) = 58910.05
Company Value = ∑ (21521.73 / (1 + -0.066) ^ 5) = 52901.3
Price = (Terminal Value + Company Value) / Count shares = (58910.05 + 52901.3) / 1645500000 = 67949.77