TSE: 3175 - AP Holdings Co.,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 = -36.75
CAGR EPS = -217.64%
Key Rate = 0.0458
Excess Key Rate = 2
Price = 0 + (0 * -217.64% / 100) = 471.93

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) = 0.3437
Ebitda Yield = -0.0558
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 = 0.0871
Debt = 6.01
Market Cap = 9.44
Weight Debt = Market Cap / (Market Cap + Debt) = 9.44 / (9.44 + 6.01) = 0.6111
Weight Cost Debt = 100% - 0.6111 = 0.3889
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 = 0.0233
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.75 + 0.0233 * 5.94 + 0 = 0.0289
WACC = (0.0871 / 6.01) * (100% - 0.6111) * (1 - 0.21) + 0.0289 + 0.6111 = 1.16
Terminal Value = Discount (0.3437 * (1 + -0.0558) / (1.16 - -0.0558)) = 4.55
Company Value = ∑ (0.3437 / (1 + 1.16) ^ 5) = 1.87
Price = (Terminal Value + Company Value) / Count shares = (4.55 + 1.87) / 10490000 = 612.09

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) = -0.0608
FCF Yield = -0.1883
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 = 0.0871
Debt = 6.01
Market Cap = 9.44
Weight Debt = Market Cap / (Market Cap + Debt) = 9.44 / (9.44 + 6.01) = 0.6111
Weight Cost Debt = 100% - 0.6111 = 0.3889
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 = 0.0233
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.75 + 0.0233 * 5.94 + 0 = 0.0289
WACC = (0.0871 / 6.01) * (100% - 0.6111) * (1 - 0.21) + 0.0289 + 0.6111 = 1.16
Terminal Value = Discount (-0.0608 * (1 + -0.1883) / (1.16 - -0.1883)) = -0.2331
Company Value = ∑ (-0.0608 / (1 + 1.16) ^ 5) = -0.4674
Price = (Terminal Value + Company Value) / Count shares = (-0.2331 + -0.4674) / 10490000 = -66.77