OTC: SZKMY - Suzuki Motor 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 = 138.39
CAGR EPS = 8.66%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 48.06 + (48.06 * 8.66% / 100) = 52.22

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) = 1054.5
Ebitda Yield = 0.0865
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 = 10.06
Debt = 786.18
Market Cap = 17.23
Weight Debt = Market Cap / (Market Cap + Debt) = 17.23 / (17.23 + 786.18) = 0.0214
Weight Cost Debt = 100% - 0.0214 = 0.9786
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 = -2.01
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + -2.01 * 5.94 + 0 = -0.0912
WACC = (10.06 / 786.18) * (100% - 0.0214) * (1 - 0.21) + -0.0912 + 0.0214 = 1.01
Terminal Value = Discount (1054.5 * (1 + 0.0865) / (1.01 - 0.0865)) = 14264.19
Company Value = ∑ (1054.5 / (1 + 1.01) ^ 5) = 4357.23
Price = (Terminal Value + Company Value) / Count shares = (14264.19 + 4357.23) / 1934510000 = 9625.91

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) = 427.81
FCF Yield = 0.2497
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 = 10.06
Debt = 786.18
Market Cap = 17.23
Weight Debt = Market Cap / (Market Cap + Debt) = 17.23 / (17.23 + 786.18) = 0.0214
Weight Cost Debt = 100% - 0.0214 = 0.9786
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 = -2.01
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + -2.01 * 5.94 + 0 = -0.0912
WACC = (10.06 / 786.18) * (100% - 0.0214) * (1 - 0.21) + -0.0912 + 0.0214 = 1.01
Terminal Value = Discount (427.81 * (1 + 0.2497) / (1.01 - 0.2497)) = 2122.06
Company Value = ∑ (427.81 / (1 + 1.01) ^ 5) = 1390.03
Price = (Terminal Value + Company Value) / Count shares = (2122.06 + 1390.03) / 1934510000 = 1815.5