OTC: FRCOY - Fast Retailing 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 = 1210.81
CAGR EPS = 170.52%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 28.46 + (28.46 * 170.52% / 100) = 76.98

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) = 1491.9
Ebitda Yield = 0.1423
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 = 11.08
Debt = 478.06
Market Cap = 68.69
Weight Debt = Market Cap / (Market Cap + Debt) = 68.69 / (68.69 + 478.06) = 0.1256
Weight Cost Debt = 100% - 0.1256 = 0.8744
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 = 0.934
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.39 + 0.934 * 5.94 + 0 = 0.0794
WACC = (11.08 / 478.06) * (100% - 0.1256) * (1 - 0.21) + 0.0794 + 0.1256 = 1.84
Terminal Value = Discount (1491.9 * (1 + 0.1423) / (1.84 - 0.1423)) = 12558
Company Value = ∑ (1491.9 / (1 + 1.84) ^ 5) = 5484.59
Price = (Terminal Value + Company Value) / Count shares = (12558 + 5484.59) / 307230000 = 58726.66

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) = 1390.61
FCF Yield = 0.1929
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 = 11.08
Debt = 478.06
Market Cap = 68.69
Weight Debt = Market Cap / (Market Cap + Debt) = 68.69 / (68.69 + 478.06) = 0.1256
Weight Cost Debt = 100% - 0.1256 = 0.8744
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 = 0.934
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.39 + 0.934 * 5.94 + 0 = 0.0794
WACC = (11.08 / 478.06) * (100% - 0.1256) * (1 - 0.21) + 0.0794 + 0.1256 = 1.84
Terminal Value = Discount (1390.61 * (1 + 0.1929) / (1.84 - 0.1929)) = 8679.56
Company Value = ∑ (1390.61 / (1 + 1.84) ^ 5) = 4743.11
Price = (Terminal Value + Company Value) / Count shares = (8679.56 + 4743.11) / 307230000 = 43689.34