TSE: 2971 - Escon Japan REIT Investment Corporation

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 = 6549.02
CAGR EPS = -0.0022%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 6549.02 * (1 + -0.0022%) / (0.0433 * 2) = 75622.12

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 = 41.54
g = 0.086
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 = -1.06
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.75 + -1.06 * 5.94 + 0 = -0.0355
Price = (41.54 * (1 + 0.086)) / (-0.0355 - 0.086) = 371.31

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) = 3.65
Ebitda Yield = 0.047
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 = 0.1829
Debt = 33.09
Market Cap = 41.67
Weight Debt = Market Cap / (Market Cap + Debt) = 41.67 / (41.67 + 33.09) = 0.5574
Weight Cost Debt = 100% - 0.5574 = 0.4426
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 = -1.06
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.75 + -1.06 * 5.94 + 0 = -0.0355
WACC = (0.1829 / 33.09) * (100% - 0.5574) * (1 - 0.21) + -0.0355 + 0.5574 = 0.4144
Terminal Value = Discount (3.65 * (1 + 0.047) / (0.4144 - 0.047)) = 87.33
Company Value = ∑ (3.65 / (1 + 0.4144) ^ 5) = 16.47
Price = (Terminal Value + Company Value) / Count shares = (87.33 + 16.47) / 352000 = 294873.22

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) = 2.48
FCF Yield = 0.1332
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 = 0.1829
Debt = 33.09
Market Cap = 41.67
Weight Debt = Market Cap / (Market Cap + Debt) = 41.67 / (41.67 + 33.09) = 0.5574
Weight Cost Debt = 100% - 0.5574 = 0.4426
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 = -1.06
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.75 + -1.06 * 5.94 + 0 = -0.0355
WACC = (0.1829 / 33.09) * (100% - 0.5574) * (1 - 0.21) + -0.0355 + 0.5574 = 0.4144
Terminal Value = Discount (2.48 * (1 + 0.1332) / (0.4144 - 0.1332)) = 21.38
Company Value = ∑ (2.48 / (1 + 0.4144) ^ 5) = 9.7
Price = (Terminal Value + Company Value) / Count shares = (21.38 + 9.7) / 352000 = 88282.8