TSE: 2220 - Kameda Seika 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 = 107.05
CAGR EPS = -12.75%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 107.05 * (1 + -12.75%) / (0.0433 * 2) = 1078.61

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 = 56
g = -0.0023
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) = 2.82
β = 0.7186
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + 0.7186 * 5.94 + 0 = 0.0709
Price = (56 * (1 + -0.0023)) / (0.0709 - -0.0023) = 763.49

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) = 11.05
Ebitda Yield = -0.0058
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 = 0.089
Debt = 23.78
Market Cap = 89.82
Weight Debt = Market Cap / (Market Cap + Debt) = 89.82 / (89.82 + 23.78) = 0.7907
Weight Cost Debt = 100% - 0.7907 = 0.2093
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) = 2.82
β = 0.7186
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + 0.7186 * 5.94 + 0 = 0.0709
WACC = (0.089 / 23.78) * (100% - 0.7907) * (1 - 0.21) + 0.0709 + 0.7907 = 0.3494
Terminal Value = Discount (11.05 * (1 + -0.0058) / (0.3494 - -0.0058)) = 1157.22
Company Value = ∑ (11.05 / (1 + 0.3494) ^ 5) = 55.31
Price = (Terminal Value + Company Value) / Count shares = (1157.22 + 55.31) / 21080000 = 57520.68

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) = 1.55
FCF Yield = -0.0462
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 = 0.089
Debt = 23.78
Market Cap = 89.82
Weight Debt = Market Cap / (Market Cap + Debt) = 89.82 / (89.82 + 23.78) = 0.7907
Weight Cost Debt = 100% - 0.7907 = 0.2093
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) = 2.82
β = 0.7186
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + 0.7186 * 5.94 + 0 = 0.0709
WACC = (0.089 / 23.78) * (100% - 0.7907) * (1 - 0.21) + 0.0709 + 0.7907 = 0.3494
Terminal Value = Discount (1.55 * (1 + -0.0462) / (0.3494 - -0.0462)) = 29.21
Company Value = ∑ (1.55 / (1 + 0.3494) ^ 5) = 8.44
Price = (Terminal Value + Company Value) / Count shares = (29.21 + 8.44) / 21080000 = 1786.08