TSE: 1969 - Takasago Thermal Engineering 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 = 295.66
CAGR EPS = 9.66%
Key Rate = 0.0458
Excess Key Rate = 2
Price = 295.66 * (1 + 9.66%) / (0.0458 * 2) = 3539.43

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 = 75
g = 0.0812
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 = -1.17
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.75 + -1.17 * 5.94 + 0 = -0.0417
Price = (75 * (1 + 0.0812)) / (-0.0417 - 0.0812) = 659.59

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) = 32.01
Ebitda Yield = 0.0376
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 = 0.288
Debt = 39.13
Market Cap = 168.83
Weight Debt = Market Cap / (Market Cap + Debt) = 168.83 / (168.83 + 39.13) = 0.8118
Weight Cost Debt = 100% - 0.8118 = 0.1882
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 = -1.17
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.75 + -1.17 * 5.94 + 0 = -0.0417
WACC = (0.288 / 39.13) * (100% - 0.8118) * (1 - 0.21) + -0.0417 + 0.8118 = 0.5428
Terminal Value = Discount (32.01 * (1 + 0.0376) / (0.5428 - 0.0376)) = 1004.1
Company Value = ∑ (32.01 / (1 + 0.5428) ^ 5) = 146.41
Price = (Terminal Value + Company Value) / Count shares = (1004.1 + 146.41) / 66210000 = 17376.7

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) = -15.38
FCF Yield = -0.0133
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 = 0.288
Debt = 39.13
Market Cap = 168.83
Weight Debt = Market Cap / (Market Cap + Debt) = 168.83 / (168.83 + 39.13) = 0.8118
Weight Cost Debt = 100% - 0.8118 = 0.1882
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 = -1.17
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.75 + -1.17 * 5.94 + 0 = -0.0417
WACC = (0.288 / 39.13) * (100% - 0.8118) * (1 - 0.21) + -0.0417 + 0.8118 = 0.5428
Terminal Value = Discount (-15.38 * (1 + -0.0133) / (0.5428 - -0.0133)) = -786.74
Company Value = ∑ (-15.38 / (1 + 0.5428) ^ 5) = -77.74
Price = (Terminal Value + Company Value) / Count shares = (-786.74 + -77.74) / 66210000 = -13056.74