TSE: 2002 - Nisshin Seifun Group Inc.

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 = 106.74
CAGR EPS = 7.21%
Key Rate = 0.0458
Excess Key Rate = 2
Price = 106.74 * (1 + 7.21%) / (0.0458 * 2) = 1249.32

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 = 49
g = 0.0425
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 = 0.0954
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.75 + 0.0954 * 5.94 + 0 = 0.0332
Price = (49 * (1 + 0.0425)) / (0.0332 - 0.0425) = 5485.34

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 Ebitda(5) * (1 + Ebitda Yield) / (WACC - Ebitda Yield)
Company Value = ∑ (Discount Ebitda / (1 + WACC) ^ 5)
Discount Ebitda(5) = 81.87
Ebitda Yield = 0.0258
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 = 3.77
Debt = 48.38
Market Cap = 511.64
Weight Debt = Market Cap / (Market Cap + Debt) = 511.64 / (511.64 + 48.38) = 0.9136
Weight Cost Debt = 100% - 0.9136 = 0.0864
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 = 0.0954
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.75 + 0.0954 * 5.94 + 0 = 0.0332
WACC = (3.77 / 48.38) * (100% - 0.9136) * (1 - 0.21) + 0.0332 + 0.9136 = 6.13
Terminal Value = Discount (81.87 * (1 + 0.0258) / (6.13 - 0.0258)) = 1756.22
Company Value = ∑ (81.87 / (1 + 6.13) ^ 5) = 325.8
Price = (Terminal Value + Company Value) / Count shares = (1756.22 + 325.8) / 297360000 = 7001.68

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) = 97.88
FCF Yield = 0.1734
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 = 3.77
Debt = 48.38
Market Cap = 511.64
Weight Debt = Market Cap / (Market Cap + Debt) = 511.64 / (511.64 + 48.38) = 0.9136
Weight Cost Debt = 100% - 0.9136 = 0.0864
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 = 0.0954
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.75 + 0.0954 * 5.94 + 0 = 0.0332
WACC = (3.77 / 48.38) * (100% - 0.9136) * (1 - 0.21) + 0.0332 + 0.9136 = 6.13
Terminal Value = Discount (97.88 * (1 + 0.1734) / (6.13 - 0.1734)) = 760.96
Company Value = ∑ (97.88 / (1 + 6.13) ^ 5) = 300.36
Price = (Terminal Value + Company Value) / Count shares = (760.96 + 300.36) / 297360000 = 3569.16