TSE: 2193 - Cookpad Inc.

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 = -23.22
CAGR EPS = 13.02%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 135 + (135 * 13.02% / 100) = 152.58

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) = 0.4544
Ebitda Yield = -1.74
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 = 0.0056
Debt = 0.2841
Market Cap = 16.17
Weight Debt = Market Cap / (Market Cap + Debt) = 16.17 / (16.17 + 0.2841) = 0.9827
Weight Cost Debt = 100% - 0.9827 = 0.0173
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 = -3.09
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.89 + -3.09 * 5.94 + 0 = -0.1546
WACC = (0.0056 / 0.2841) * (100% - 0.9827) * (1 - 0.21) + -0.1546 + 0.9827 = 1.4
Terminal Value = Discount (0.4544 * (1 + -1.74) / (1.4 - -1.74)) = -0.1788
Company Value = ∑ (0.4544 / (1 + 1.4) ^ 5) = 1.05
Price = (Terminal Value + Company Value) / Count shares = (-0.1788 + 1.05) / 96000000 = 9.03

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) = 0.5801
FCF Yield = -1.77
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 = 0.0056
Debt = 0.2841
Market Cap = 16.17
Weight Debt = Market Cap / (Market Cap + Debt) = 16.17 / (16.17 + 0.2841) = 0.9827
Weight Cost Debt = 100% - 0.9827 = 0.0173
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 = -3.09
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.89 + -3.09 * 5.94 + 0 = -0.1546
WACC = (0.0056 / 0.2841) * (100% - 0.9827) * (1 - 0.21) + -0.1546 + 0.9827 = 1.4
Terminal Value = Discount (0.5801 * (1 + -1.77) / (1.4 - -1.77)) = -0.2329
Company Value = ∑ (0.5801 / (1 + 1.4) ^ 5) = 1.18
Price = (Terminal Value + Company Value) / Count shares = (-0.2329 + 1.18) / 96000000 = 9.87