TSE: 3283 - Nippon Prologis REIT, 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 = 8401.69
CAGR EPS = 1.15%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 8401.69 * (1 + 1.15%) / (0.0433 * 2) = 98135.21

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 = 10310
g = 0.1134
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 = -4.26
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.75 + -4.26 * 5.94 + 0 = -0.2256
Price = (10310 * (1 + 0.1134)) / (-0.2256 - 0.1134) = 33859.6

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) = 56.51
Ebitda Yield = 0.0715
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 = 2.23
Debt = 333.3
Market Cap = 844.86
Weight Debt = Market Cap / (Market Cap + Debt) = 844.86 / (844.86 + 333.3) = 0.7171
Weight Cost Debt = 100% - 0.7171 = 0.2829
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 = -4.26
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.75 + -4.26 * 5.94 + 0 = -0.2256
WACC = (2.23 / 333.3) * (100% - 0.7171) * (1 - 0.21) + -0.2256 + 0.7171 = 0.3625
Terminal Value = Discount (56.51 * (1 + 0.0715) / (0.3625 - 0.0715)) = 876.6
Company Value = ∑ (56.51 / (1 + 0.3625) ^ 5) = 244.52
Price = (Terminal Value + Company Value) / Count shares = (876.6 + 244.52) / 2670000 = 419894.15

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) = -137.28
FCF Yield = 0.1768
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 = 2.23
Debt = 333.3
Market Cap = 844.86
Weight Debt = Market Cap / (Market Cap + Debt) = 844.86 / (844.86 + 333.3) = 0.7171
Weight Cost Debt = 100% - 0.7171 = 0.2829
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 = -4.26
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.75 + -4.26 * 5.94 + 0 = -0.2256
WACC = (2.23 / 333.3) * (100% - 0.7171) * (1 - 0.21) + -0.2256 + 0.7171 = 0.3625
Terminal Value = Discount (-137.28 * (1 + 0.1768) / (0.3625 - 0.1768)) = -916.3
Company Value = ∑ (-137.28 / (1 + 0.3625) ^ 5) = -502.84
Price = (Terminal Value + Company Value) / Count shares = (-916.3 + -502.84) / 2670000 = -531511.89