TSE: 3402 - Toray Industries, 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 = 13.65
CAGR EPS = -16.97%
Key Rate = 0.0458
Excess Key Rate = 2
Price = 13.65 * (1 + -16.97%) / (0.0458 * 2) = 123.69

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 = 18
g = 0.0117
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 = 0.2731
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.75 + 0.2731 * 5.94 + 0 = 0.0437
Price = (18 * (1 + 0.0117)) / (0.0437 - 0.0117) = 568.05

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) = 224.36
Ebitda Yield = -0.0018
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 = 19.08
Debt = 921.41
Market Cap = 1270
Weight Debt = Market Cap / (Market Cap + Debt) = 1270 / (1270 + 921.41) = 0.5795
Weight Cost Debt = 100% - 0.5795 = 0.4205
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 = 0.2731
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.75 + 0.2731 * 5.94 + 0 = 0.0437
WACC = (19.08 / 921.41) * (100% - 0.5795) * (1 - 0.21) + 0.0437 + 0.5795 = 1.65
Terminal Value = Discount (224.36 * (1 + -0.0018) / (1.65 - -0.0018)) = 11275.11
Company Value = ∑ (224.36 / (1 + 1.65) ^ 5) = 1072.18
Price = (Terminal Value + Company Value) / Count shares = (11275.11 + 1072.18) / 1604070000 = 7697.47

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) = 34.5
FCF Yield = -0.0772
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 = 19.08
Debt = 921.41
Market Cap = 1270
Weight Debt = Market Cap / (Market Cap + Debt) = 1270 / (1270 + 921.41) = 0.5795
Weight Cost Debt = 100% - 0.5795 = 0.4205
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 = 0.2731
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.75 + 0.2731 * 5.94 + 0 = 0.0437
WACC = (19.08 / 921.41) * (100% - 0.5795) * (1 - 0.21) + 0.0437 + 0.5795 = 1.65
Terminal Value = Discount (34.5 * (1 + -0.0772) / (1.65 - -0.0772)) = 312.96
Company Value = ∑ (34.5 / (1 + 1.65) ^ 5) = 194.64
Price = (Terminal Value + Company Value) / Count shares = (312.96 + 194.64) / 1604070000 = 316.45