OTC: TOELF - Tokyo Electron Limited

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 = 786.15
CAGR EPS = 8.66%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 192.94 + (192.94 * 8.66% / 100) = 209.65

Price = (DPS * (1 + g)) / (Cost Of Equity - g)
Price - 价格公道
DPS — 当期股息
g — 预期增长率
DPS = 6.18
g = 0.2395
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 = 0.6265
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + 0.6265 * 5.94 + 0 = 0.0654
Price = (6.18 * (1 + 0.2395)) / (0.0654 - 0.2395) = 43.99

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) = 1145.43
Ebitda Yield = 0.1163
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
Debt = 0
Market Cap = 64.74
Weight Debt = Market Cap / (Market Cap + Debt) = 64.74 / (64.74 + 0) = 0
Weight Cost Debt = 100% - 0 = 1
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 = 0.6265
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + 0.6265 * 5.94 + 0 = 0.0654
WACC = (0 / 0) * (100% - 0) * (1 - 0.21) + 0.0654 + 0 = 0
Terminal Value = Discount (1145.43 * (1 + 0.1163) / (0 - 0.1163)) = 10995.2
Company Value = ∑ (1145.43 / (1 + 0) ^ 5) = 4651.86
Price = (Terminal Value + Company Value) / Count shares = (10995.2 + 4651.86) / 462970000 = 33797.14

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) = 440.18
FCF Yield = 0.0728
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
Debt = 0
Market Cap = 64.74
Weight Debt = Market Cap / (Market Cap + Debt) = 64.74 / (64.74 + 0) = 0
Weight Cost Debt = 100% - 0 = 1
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 = 0.6265
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + 0.6265 * 5.94 + 0 = 0.0654
WACC = (0 / 0) * (100% - 0) * (1 - 0.21) + 0.0654 + 0 = 0
Terminal Value = Discount (440.18 * (1 + 0.0728) / (0 - 0.0728)) = 6484.93
Company Value = ∑ (440.18 / (1 + 0) ^ 5) = 1921.73
Price = (Terminal Value + Company Value) / Count shares = (6484.93 + 1921.73) / 462970000 = 18158.1