TSE: 2412 - Benefit One 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 = 33.82
CAGR EPS = -0.8192%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 33.82 * (1 + -0.8192%) / (0.0433 * 2) = 387.33

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 = 0.2345
g = 0.0338
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 = 12858.88
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.75 + 12858.88 * 5.94 + 0 = 763.85
Price = (0.2345 * (1 + 0.0338)) / (763.85 - 0.0338) = 0.000317

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) = 10.15
Ebitda Yield = 0.0079
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 = 0.052
Debt = 7.8
Market Cap = 226.58
Weight Debt = Market Cap / (Market Cap + Debt) = 226.58 / (226.58 + 7.8) = 0.9667
Weight Cost Debt = 100% - 0.9667 = 0.0333
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 = 12858.88
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.75 + 12858.88 * 5.94 + 0 = 763.85
WACC = (0.052 / 7.8) * (100% - 0.9667) * (1 - 0.21) + 763.85 + 0.9667 = 738.95
Terminal Value = Discount (10.15 * (1 + 0.0079) / (738.95 - 0.0079)) = 3.3E-5
Company Value = ∑ (10.15 / (1 + 738.95) ^ 5) = 1.33
Price = (Terminal Value + Company Value) / Count shares = (3.3E-5 + 1.33) / 158510000 = 8.41

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) = 4.85
FCF Yield = 0.002
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 = 0.052
Debt = 7.8
Market Cap = 226.58
Weight Debt = Market Cap / (Market Cap + Debt) = 226.58 / (226.58 + 7.8) = 0.9667
Weight Cost Debt = 100% - 0.9667 = 0.0333
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 = 12858.88
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.75 + 12858.88 * 5.94 + 0 = 763.85
WACC = (0.052 / 7.8) * (100% - 0.9667) * (1 - 0.21) + 763.85 + 0.9667 = 738.95
Terminal Value = Discount (4.85 * (1 + 0.002) / (738.95 - 0.002)) = 1.6E-5
Company Value = ∑ (4.85 / (1 + 738.95) ^ 5) = 0.651
Price = (Terminal Value + Company Value) / Count shares = (1.6E-5 + 0.651) / 158510000 = 4.11