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 = 0.0433
Excess Key Rate = 2
Price = 0 + (0 * -217.64% / 100) = 499.18

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) = 0.1593
Ebitda Yield = -0.1173
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) = 0.6109
Weight Cost Debt = 100% - 0.6109 = 0.3891
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) = 3
β = 1.06
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 3 + 1.06 * 5.94 + 0 = 0.0929
WACC = (0.0871 / 6.01) * (100% - 0.6109) * (1 - 0.21) + 0.0929 + 0.6109 = 1.19
Terminal Value = Discount (0.1593 * (1 + -0.1173) / (1.19 - -0.1173)) = 1.02
Company Value = ∑ (0.1593 / (1 + 1.19) ^ 5) = 1.01
Price = (Terminal Value + Company Value) / Count shares = (1.02 + 1.01) / 10490000 = 193.49

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) = -0.0401
FCF Yield = -0.2166
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) = 0.6109
Weight Cost Debt = 100% - 0.6109 = 0.3891
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) = 3
β = 1.06
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 3 + 1.06 * 5.94 + 0 = 0.0929
WACC = (0.0871 / 6.01) * (100% - 0.6109) * (1 - 0.21) + 0.0929 + 0.6109 = 1.19
Terminal Value = Discount (-0.0401 * (1 + -0.2166) / (1.19 - -0.2166)) = -0.1297
Company Value = ∑ (-0.0401 / (1 + 1.19) ^ 5) = -0.3367
Price = (Terminal Value + Company Value) / Count shares = (-0.1297 + -0.3367) / 10490000 = -44.45