TSE: 3034 - Qol Holdings 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 = 131.1
CAGR EPS = 4.1%
Key Rate = 0.0458
Excess Key Rate = 2
Price = 131.1 * (1 + 4.1%) / (0.0458 * 2) = 1489.95

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 = 32
g = 0.0263
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 = 0.3849
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.75 + 0.3849 * 5.94 + 0 = 0.0504
Price = (32 * (1 + 0.0263)) / (0.0504 - 0.0263) = 1363.02

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) = 14.45
Ebitda Yield = 0.0127
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 = 0.109
Debt = 31.67
Market Cap = 64.48
Weight Debt = Market Cap / (Market Cap + Debt) = 64.48 / (64.48 + 31.67) = 0.6706
Weight Cost Debt = 100% - 0.6706 = 0.3294
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 = 0.3849
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.75 + 0.3849 * 5.94 + 0 = 0.0504
WACC = (0.109 / 31.67) * (100% - 0.6706) * (1 - 0.21) + 0.0504 + 0.6706 = 0.3038
Terminal Value = Discount (14.45 * (1 + 0.0127) / (0.3038 - 0.0127)) = 1494.29
Company Value = ∑ (14.45 / (1 + 0.3038) ^ 5) = 69.81
Price = (Terminal Value + Company Value) / Count shares = (1494.29 + 69.81) / 36980000 = 42295.98

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) = 34.44
FCF Yield = 0.2515
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 = 0.109
Debt = 31.67
Market Cap = 64.48
Weight Debt = Market Cap / (Market Cap + Debt) = 64.48 / (64.48 + 31.67) = 0.6706
Weight Cost Debt = 100% - 0.6706 = 0.3294
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 = 0.3849
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.75 + 0.3849 * 5.94 + 0 = 0.0504
WACC = (0.109 / 31.67) * (100% - 0.6706) * (1 - 0.21) + 0.0504 + 0.6706 = 0.3038
Terminal Value = Discount (34.44 * (1 + 0.2515) / (0.3038 - 0.2515)) = 170.88
Company Value = ∑ (34.44 / (1 + 0.3038) ^ 5) = 114.37
Price = (Terminal Value + Company Value) / Count shares = (170.88 + 114.37) / 36980000 = 7713.6