TSE: 2811 - Kagome 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 = 120.98
CAGR EPS = 1.07%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 120.98 * (1 + 1.07%) / (0.0433 * 2) = 1411.94

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 = 42
g = 0.0784
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 = 0.1075
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + 0.1075 * 5.94 + 0 = 0.0346
Price = (42 * (1 + 0.0784)) / (0.0346 - 0.0784) = 1032.86

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) = 32.43
Ebitda Yield = 0.0398
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 = 1.94
Debt = 64.78
Market Cap = 270.71
Weight Debt = Market Cap / (Market Cap + Debt) = 270.71 / (270.71 + 64.78) = 0.8069
Weight Cost Debt = 100% - 0.8069 = 0.1931
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 = 0.1075
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + 0.1075 * 5.94 + 0 = 0.0346
WACC = (1.94 / 64.78) * (100% - 0.8069) * (1 - 0.21) + 0.0346 + 0.8069 = 2.38
Terminal Value = Discount (32.43 * (1 + 0.0398) / (2.38 - 0.0398)) = 1870.88
Company Value = ∑ (32.43 / (1 + 2.38) ^ 5) = 139.8
Price = (Terminal Value + Company Value) / Count shares = (1870.88 + 139.8) / 86230000 = 23317.65

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) = 0.1437
FCF Yield = -1.6
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 = 1.94
Debt = 64.78
Market Cap = 270.71
Weight Debt = Market Cap / (Market Cap + Debt) = 270.71 / (270.71 + 64.78) = 0.8069
Weight Cost Debt = 100% - 0.8069 = 0.1931
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 = 0.1075
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + 0.1075 * 5.94 + 0 = 0.0346
WACC = (1.94 / 64.78) * (100% - 0.8069) * (1 - 0.21) + 0.0346 + 0.8069 = 2.38
Terminal Value = Discount (0.1437 * (1 + -1.6) / (2.38 - -1.6)) = -0.0474
Company Value = ∑ (0.1437 / (1 + 2.38) ^ 5) = 0.7176
Price = (Terminal Value + Company Value) / Count shares = (-0.0474 + 0.7176) / 86230000 = 7.77