TSE: 3064 - MonotaRO 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 = 43.9
CAGR EPS = 14.71%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 43.9 * (1 + 14.71%) / (0.0433 * 2) = 581.44

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 = 19
g = 0.1998
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 = 0.3773
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + 0.3773 * 5.94 + 0 = 0.0506
Price = (19 * (1 + 0.1998)) / (0.0506 - 0.1998) = 152.84

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) = 64.62
Ebitda Yield = 0.1249
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 = 0.09
Debt = 5.19
Market Cap = 884
Weight Debt = Market Cap / (Market Cap + Debt) = 884 / (884 + 5.19) = 0.9942
Weight Cost Debt = 100% - 0.9942 = 0.0058
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 = 0.3773
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + 0.3773 * 5.94 + 0 = 0.0506
WACC = (0.09 / 5.19) * (100% - 0.9942) * (1 - 0.21) + 0.0506 + 0.9942 = 1.41
Terminal Value = Discount (64.62 * (1 + 0.1249) / (1.41 - 0.1249)) = 611.62
Company Value = ∑ (64.62 / (1 + 1.41) ^ 5) = 247.51
Price = (Terminal Value + Company Value) / Count shares = (611.62 + 247.51) / 496930000 = 1728.89

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) = 58.42
FCF Yield = 0.216
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 = 0.09
Debt = 5.19
Market Cap = 884
Weight Debt = Market Cap / (Market Cap + Debt) = 884 / (884 + 5.19) = 0.9942
Weight Cost Debt = 100% - 0.9942 = 0.0058
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 = 0.3773
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + 0.3773 * 5.94 + 0 = 0.0506
WACC = (0.09 / 5.19) * (100% - 0.9942) * (1 - 0.21) + 0.0506 + 0.9942 = 1.41
Terminal Value = Discount (58.42 * (1 + 0.216) / (1.41 - 0.216)) = 328.06
Company Value = ∑ (58.42 / (1 + 1.41) ^ 5) = 195.76
Price = (Terminal Value + Company Value) / Count shares = (328.06 + 195.76) / 496930000 = 1054.11