TSE: 1925 - Daiwa House Industry 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 = 457.16
CAGR EPS = 5.38%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 4572 + (4572 * 5.38% / 100) = 4818.04

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 = 150
g = 0.0841
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 = 0.1603
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.89 + 0.1603 * 5.94 + 0 = 0.0384
Price = (150 * (1 + 0.0841)) / (0.0384 - 0.0841) = 3563.08

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) = 786.42
Ebitda Yield = 0.0507
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 = 31.53
Debt = 2204.18
Market Cap = 2540
Weight Debt = Market Cap / (Market Cap + Debt) = 2540 / (2540 + 2204.18) = 0.5354
Weight Cost Debt = 100% - 0.5354 = 0.4646
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 = 0.1603
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.89 + 0.1603 * 5.94 + 0 = 0.0384
WACC = (31.53 / 2204.18) * (100% - 0.5354) * (1 - 0.21) + 0.0384 + 0.5354 = 1.14
Terminal Value = Discount (786.42 * (1 + 0.0507) / (1.14 - 0.0507)) = 19906.98
Company Value = ∑ (786.42 / (1 + 1.14) ^ 5) = 3447.51
Price = (Terminal Value + Company Value) / Count shares = (19906.98 + 3447.51) / 653500000 = 35737.54

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) = -25.13
FCF Yield = -0.1411
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 = 31.53
Debt = 2204.18
Market Cap = 2540
Weight Debt = Market Cap / (Market Cap + Debt) = 2540 / (2540 + 2204.18) = 0.5354
Weight Cost Debt = 100% - 0.5354 = 0.4646
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 = 0.1603
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.89 + 0.1603 * 5.94 + 0 = 0.0384
WACC = (31.53 / 2204.18) * (100% - 0.5354) * (1 - 0.21) + 0.0384 + 0.5354 = 1.14
Terminal Value = Discount (-25.13 * (1 + -0.1411) / (1.14 - -0.1411)) = -133.66
Company Value = ∑ (-25.13 / (1 + 1.14) ^ 5) = -169.02
Price = (Terminal Value + Company Value) / Count shares = (-133.66 + -169.02) / 653500000 = -463.16