TSE: 3101 - Toyobo 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 = 27.87
CAGR EPS = -29.06%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 27.87 * (1 + -29.06%) / (0.0433 * 2) = 228.28

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 = 40
g = -0.0205
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 = -0.2939
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + -0.2939 * 5.94 + 0 = 0.0107
Price = (40 * (1 + -0.0205)) / (0.0107 - -0.0205) = 1252.41

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) = 24.21
Ebitda Yield = -0.0341
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 = 1.36
Debt = 242.09
Market Cap = 89.79
Weight Debt = Market Cap / (Market Cap + Debt) = 89.79 / (89.79 + 242.09) = 0.2705
Weight Cost Debt = 100% - 0.2705 = 0.7295
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 = -0.2939
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + -0.2939 * 5.94 + 0 = 0.0107
WACC = (1.36 / 242.09) * (100% - 0.2705) * (1 - 0.21) + 0.0107 + 0.2705 = 0.4439
Terminal Value = Discount (24.21 * (1 + -0.0341) / (0.4439 - -0.0341)) = 593.54
Company Value = ∑ (24.21 / (1 + 0.4439) ^ 5) = 128.25
Price = (Terminal Value + Company Value) / Count shares = (593.54 + 128.25) / 88100000 = 8192.87

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) = 9.45
FCF Yield = -1.77
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 = 1.36
Debt = 242.09
Market Cap = 89.79
Weight Debt = Market Cap / (Market Cap + Debt) = 89.79 / (89.79 + 242.09) = 0.2705
Weight Cost Debt = 100% - 0.2705 = 0.7295
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 = -0.2939
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + -0.2939 * 5.94 + 0 = 0.0107
WACC = (1.36 / 242.09) * (100% - 0.2705) * (1 - 0.21) + 0.0107 + 0.2705 = 0.4439
Terminal Value = Discount (9.45 * (1 + -1.77) / (0.4439 - -1.77)) = -4.01
Company Value = ∑ (9.45 / (1 + 0.4439) ^ 5) = 19.21
Price = (Terminal Value + Company Value) / Count shares = (-4.01 + 19.21) / 88100000 = 172.5