TSE: 3382 - Seven & i Holdings Co., Ltd.

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 = 84.87
CAGR EPS = -19.23%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 84.87 * (1 + -19.23%) / (0.0433 * 2) = 791.64

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 = 38.83
g = 0.0728
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) = 2.89
β = 2.22
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.89 + 2.22 * 5.94 + 0 = 0.161
Price = (38.83 * (1 + 0.0728)) / (0.161 - 0.0728) = 472.23

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) = 998.95
Ebitda Yield = 0.0351
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 = 43.12
Debt = 3842.8
Market Cap = 5220
Weight Debt = Market Cap / (Market Cap + Debt) = 5220 / (5220 + 3842.8) = 0.576
Weight Cost Debt = 100% - 0.576 = 0.424
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) = 2.89
β = 2.22
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.89 + 2.22 * 5.94 + 0 = 0.161
WACC = (43.12 / 3842.8) * (100% - 0.576) * (1 - 0.21) + 0.161 + 0.576 = 0.9741
Terminal Value = Discount (998.95 * (1 + 0.0351) / (0.9741 - 0.0351)) = 38898.11
Company Value = ∑ (998.95 / (1 + 0.9741) ^ 5) = 4531.24
Price = (Terminal Value + Company Value) / Count shares = (38898.11 + 4531.24) / 2646550000 = 16409.8

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) = 199.31
FCF Yield = -0.0154
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 = 43.12
Debt = 3842.8
Market Cap = 5220
Weight Debt = Market Cap / (Market Cap + Debt) = 5220 / (5220 + 3842.8) = 0.576
Weight Cost Debt = 100% - 0.576 = 0.424
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) = 2.89
β = 2.22
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.89 + 2.22 * 5.94 + 0 = 0.161
WACC = (43.12 / 3842.8) * (100% - 0.576) * (1 - 0.21) + 0.161 + 0.576 = 0.9741
Terminal Value = Discount (199.31 * (1 + -0.0154) / (0.9741 - -0.0154)) = 7441.78
Company Value = ∑ (199.31 / (1 + 0.9741) ^ 5) = 999.11
Price = (Terminal Value + Company Value) / Count shares = (7441.78 + 999.11) / 2646550000 = 3189.39