TSE: 1447 - ITbook Holdings 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 = 7.59
CAGR EPS = 12.66%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 7.59 * (1 + 12.66%) / (0.0433 * 2) = 98.71

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) = 2.14
Ebitda Yield = 0.1006
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 = 0.0832
Debt = 10.07
Market Cap = 9.44
Weight Debt = Market Cap / (Market Cap + Debt) = 9.44 / (9.44 + 10.07) = 0.4838
Weight Cost Debt = 100% - 0.4838 = 0.5162
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) = 2.75
β = 1.01
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.75 + 1.01 * 5.94 + 0 = 0.0878
WACC = (0.0832 / 10.07) * (100% - 0.4838) * (1 - 0.21) + 0.0878 + 0.4838 = 0.692
Terminal Value = Discount (2.14 * (1 + 0.1006) / (0.692 - 0.1006)) = 24.32
Company Value = ∑ (2.14 / (1 + 0.692) ^ 5) = 8.73
Price = (Terminal Value + Company Value) / Count shares = (24.32 + 8.73) / 23470000 = 1408.34

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) = 0.2996
FCF Yield = 0.1944
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 = 0.0832
Debt = 10.07
Market Cap = 9.44
Weight Debt = Market Cap / (Market Cap + Debt) = 9.44 / (9.44 + 10.07) = 0.4838
Weight Cost Debt = 100% - 0.4838 = 0.5162
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) = 2.75
β = 1.01
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.75 + 1.01 * 5.94 + 0 = 0.0878
WACC = (0.0832 / 10.07) * (100% - 0.4838) * (1 - 0.21) + 0.0878 + 0.4838 = 0.692
Terminal Value = Discount (0.2996 * (1 + 0.1944) / (0.692 - 0.1944)) = 1.84
Company Value = ∑ (0.2996 / (1 + 0.692) ^ 5) = 1.06
Price = (Terminal Value + Company Value) / Count shares = (1.84 + 1.06) / 23470000 = 123.7