TSE: 1946 - Toenec Corporation

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 = 99.96
CAGR EPS = -27.48%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 99.96 * (1 + -27.48%) / (0.0433 * 2) = 837.12

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 = 24
g = 0.0833
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 = 0.296
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.39 + 0.296 * 5.94 + 0 = 0.0415
Price = (24 * (1 + 0.0833)) / (0.0415 - 0.0833) = 621.75

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) = 34.01
Ebitda Yield = 0.0442
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 = 1.95
Debt = 93.02
Market Cap = 67
Weight Debt = Market Cap / (Market Cap + Debt) = 67 / (67 + 93.02) = 0.4187
Weight Cost Debt = 100% - 0.4187 = 0.5813
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 = 0.296
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.39 + 0.296 * 5.94 + 0 = 0.0415
WACC = (1.95 / 93.02) * (100% - 0.4187) * (1 - 0.21) + 0.0415 + 0.4187 = 1.67
Terminal Value = Discount (34.01 * (1 + 0.0442) / (1.67 - 0.0442)) = 1188.51
Company Value = ∑ (34.01 / (1 + 1.67) ^ 5) = 148.53
Price = (Terminal Value + Company Value) / Count shares = (1188.51 + 148.53) / 93490000 = 14301.4

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) = 19.13
FCF Yield = 0.0389
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 = 1.95
Debt = 93.02
Market Cap = 67
Weight Debt = Market Cap / (Market Cap + Debt) = 67 / (67 + 93.02) = 0.4187
Weight Cost Debt = 100% - 0.4187 = 0.5813
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 = 0.296
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.39 + 0.296 * 5.94 + 0 = 0.0415
WACC = (1.95 / 93.02) * (100% - 0.4187) * (1 - 0.21) + 0.0415 + 0.4187 = 1.67
Terminal Value = Discount (19.13 * (1 + 0.0389) / (1.67 - 0.0389)) = 824.71
Company Value = ∑ (19.13 / (1 + 1.67) ^ 5) = 84.37
Price = (Terminal Value + Company Value) / Count shares = (824.71 + 84.37) / 93490000 = 9723.79