TSE: 3103 - Unitika Ltd.

Price = Avg Price + (Avg Price * CAGR EPS% / 100)
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 = -94.41
CAGR EPS = 19.87%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 166.5 + (166.5 * 19.87% / 100) = 199.59

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) = 0.4405
Ebitda Yield = -0.2356
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 = 1.11
Debt = 93.93
Market Cap = 13.27
Weight Debt = Market Cap / (Market Cap + Debt) = 13.27 / (13.27 + 93.93) = 0.1238
Weight Cost Debt = 100% - 0.1238 = 0.8762
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 = -1.04
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + -1.04 * 5.94 + 0 = -0.0335
WACC = (1.11 / 93.93) * (100% - 0.1238) * (1 - 0.21) + -0.0335 + 0.1238 = 0.9299
Terminal Value = Discount (0.4405 * (1 + -0.2356) / (0.9299 - -0.2356)) = 1.31
Company Value = ∑ (0.4405 / (1 + 0.9299) ^ 5) = 3.96
Price = (Terminal Value + Company Value) / Count shares = (1.31 + 3.96) / 57660000 = 91.36

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) = 4.02
FCF Yield = 0.308
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 = 1.11
Debt = 93.93
Market Cap = 13.27
Weight Debt = Market Cap / (Market Cap + Debt) = 13.27 / (13.27 + 93.93) = 0.1238
Weight Cost Debt = 100% - 0.1238 = 0.8762
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 = -1.04
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + -1.04 * 5.94 + 0 = -0.0335
WACC = (1.11 / 93.93) * (100% - 0.1238) * (1 - 0.21) + -0.0335 + 0.1238 = 0.9299
Terminal Value = Discount (4.02 * (1 + 0.308) / (0.9299 - 0.308)) = 16.81
Company Value = ∑ (4.02 / (1 + 0.9299) ^ 5) = 12.21
Price = (Terminal Value + Company Value) / Count shares = (16.81 + 12.21) / 57660000 = 503.29