TSE: 2659 - SAN-A 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 = 345.62
CAGR EPS = 7.53%
Key Rate = 0.0458
Excess Key Rate = 2
Price = 345.62 * (1 + 7.53%) / (0.0458 * 2) = 4057.42

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 = 55
g = 0.0522
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 = -3.36
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.75 + -3.36 * 5.94 + 0 = -0.1721
Price = (55 * (1 + 0.0522)) / (-0.1721 - 0.0522) = 258.06

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) = 26.23
Ebitda Yield = 0.0306
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 = 0.026
Debt = 0.289
Market Cap = 144.94
Weight Debt = Market Cap / (Market Cap + Debt) = 144.94 / (144.94 + 0.289) = 0.998
Weight Cost Debt = 100% - 0.998 = 0.002
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 = -3.36
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.75 + -3.36 * 5.94 + 0 = -0.1721
WACC = (0.026 / 0.289) * (100% - 0.998) * (1 - 0.21) + -0.1721 + 0.998 = 6.86
Terminal Value = Discount (26.23 * (1 + 0.0306) / (6.86 - 0.0306)) = 509.87
Company Value = ∑ (26.23 / (1 + 6.86) ^ 5) = 101.31
Price = (Terminal Value + Company Value) / Count shares = (509.87 + 101.31) / 30900000 = 19779.3

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) = 55.98
FCF Yield = 0.2532
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 = 0.026
Debt = 0.289
Market Cap = 144.94
Weight Debt = Market Cap / (Market Cap + Debt) = 144.94 / (144.94 + 0.289) = 0.998
Weight Cost Debt = 100% - 0.998 = 0.002
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 = -3.36
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.75 + -3.36 * 5.94 + 0 = -0.1721
WACC = (0.026 / 0.289) * (100% - 0.998) * (1 - 0.21) + -0.1721 + 0.998 = 6.86
Terminal Value = Discount (55.98 * (1 + 0.2532) / (6.86 - 0.2532)) = 272.76
Company Value = ∑ (55.98 / (1 + 6.86) ^ 5) = 149.77
Price = (Terminal Value + Company Value) / Count shares = (272.76 + 149.77) / 30900000 = 13673.94