TSE: 2587 - Suntory Beverage & Food Limited

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 = 267.78
CAGR EPS = 3.73%
Key Rate = 0.0458
Excess Key Rate = 2
Price = 267.78 * (1 + 3.73%) / (0.0458 * 2) = 3032.46

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 = 95
g = -0.0458
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) = 2.6
β = 1.37
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.6 + 1.37 * 5.94 + 0 = 0.1072
Price = (95 * (1 + -0.0458)) / (0.1072 - -0.0458) = 592.73

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) = 113.92
Ebitda Yield = -0.0427
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 = 4.23
Debt = 86.39
Market Cap = 1580
Weight Debt = Market Cap / (Market Cap + Debt) = 1580 / (1580 + 86.39) = 0.9482
Weight Cost Debt = 100% - 0.9482 = 0.0518
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) = 2.6
β = 1.37
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.6 + 1.37 * 5.94 + 0 = 0.1072
WACC = (4.23 / 86.39) * (100% - 0.9482) * (1 - 0.21) + 0.1072 + 0.9482 = 3.93
Terminal Value = Discount (113.92 * (1 + -0.0427) / (3.93 - -0.0427)) = 1097
Company Value = ∑ (113.92 / (1 + 3.93) ^ 5) = 557.44
Price = (Terminal Value + Company Value) / Count shares = (1097 + 557.44) / 309000000 = 5354.17

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) = 60.04
FCF Yield = -0.0535
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 = 4.23
Debt = 86.39
Market Cap = 1580
Weight Debt = Market Cap / (Market Cap + Debt) = 1580 / (1580 + 86.39) = 0.9482
Weight Cost Debt = 100% - 0.9482 = 0.0518
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) = 2.6
β = 1.37
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.6 + 1.37 * 5.94 + 0 = 0.1072
WACC = (4.23 / 86.39) * (100% - 0.9482) * (1 - 0.21) + 0.1072 + 0.9482 = 3.93
Terminal Value = Discount (60.04 * (1 + -0.0535) / (3.93 - -0.0535)) = 504.79
Company Value = ∑ (60.04 / (1 + 3.93) ^ 5) = 301.15
Price = (Terminal Value + Company Value) / Count shares = (504.79 + 301.15) / 309000000 = 2608.22