TSE: 3150 - gremz,Inc.

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 = 153.32
CAGR EPS = 18.79%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 153.32 * (1 + 18.79%) / (0.0433 * 2) = 2103

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 = 52
g = 0.2935
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 = 0.832
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.75 + 0.832 * 5.94 + 0 = 0.0769
Price = (52 * (1 + 0.2935)) / (0.0769 - 0.2935) = 310.61

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) = 10.97
Ebitda Yield = 0.1513
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 = 0.013
Debt = 3.76
Market Cap = 65.87
Weight Debt = Market Cap / (Market Cap + Debt) = 65.87 / (65.87 + 3.76) = 0.9459
Weight Cost Debt = 100% - 0.9459 = 0.0541
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 = 0.832
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.75 + 0.832 * 5.94 + 0 = 0.0769
WACC = (0.013 / 3.76) * (100% - 0.9459) * (1 - 0.21) + 0.0769 + 0.9459 = 0.3436
Terminal Value = Discount (10.97 * (1 + 0.1513) / (0.3436 - 0.1513)) = 83.93
Company Value = ∑ (10.97 / (1 + 0.3436) ^ 5) = 41.72
Price = (Terminal Value + Company Value) / Count shares = (83.93 + 41.72) / 23030000 = 5455.66

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) = 8.46
FCF Yield = 0.1666
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 = 0.013
Debt = 3.76
Market Cap = 65.87
Weight Debt = Market Cap / (Market Cap + Debt) = 65.87 / (65.87 + 3.76) = 0.9459
Weight Cost Debt = 100% - 0.9459 = 0.0541
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 = 0.832
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.75 + 0.832 * 5.94 + 0 = 0.0769
WACC = (0.013 / 3.76) * (100% - 0.9459) * (1 - 0.21) + 0.0769 + 0.9459 = 0.3436
Terminal Value = Discount (8.46 * (1 + 0.1666) / (0.3436 - 0.1666)) = 59.44
Company Value = ∑ (8.46 / (1 + 0.3436) ^ 5) = 31.46
Price = (Terminal Value + Company Value) / Count shares = (59.44 + 31.46) / 23030000 = 3947.07