TSE: 3085 - Arcland Service 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 = 91.61
CAGR EPS = 3.94%
Key Rate = 0.0458
Excess Key Rate = 2
Price = 91.61 * (1 + 3.94%) / (0.0458 * 2) = 1039.48

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) = 5.74
Ebitda Yield = 0.0081
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 = 0.871
Debt = 2.11
Market Cap = 93.56
Weight Debt = Market Cap / (Market Cap + Debt) = 93.56 / (93.56 + 2.11) = 0.9779
Weight Cost Debt = 100% - 0.9779 = 0.0221
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) = 2.6
β = 0
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.6 + 0 * 5.94 + 0 = 0.026
WACC = (0.871 / 2.11) * (100% - 0.9779) * (1 - 0.21) + 0.026 + 0.9779 = 32.32
Terminal Value = Discount (5.74 * (1 + 0.0081) / (32.32 - 0.0081)) = 4.52
Company Value = ∑ (5.74 / (1 + 32.32) ^ 5) = 13.1
Price = (Terminal Value + Company Value) / Count shares = (4.52 + 13.1) / 32759999 = 538.1

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) = 1.09
FCF Yield = -0.0729
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 = 0.871
Debt = 2.11
Market Cap = 93.56
Weight Debt = Market Cap / (Market Cap + Debt) = 93.56 / (93.56 + 2.11) = 0.9779
Weight Cost Debt = 100% - 0.9779 = 0.0221
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) = 2.6
β = 0
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.6 + 0 * 5.94 + 0 = 0.026
WACC = (0.871 / 2.11) * (100% - 0.9779) * (1 - 0.21) + 0.026 + 0.9779 = 32.32
Terminal Value = Discount (1.09 * (1 + -0.0729) / (32.32 - -0.0729)) = 0.6279
Company Value = ∑ (1.09 / (1 + 32.32) ^ 5) = 3.09
Price = (Terminal Value + Company Value) / Count shares = (0.6279 + 3.09) / 32759999 = 113.48