TSE: 3405 - Kuraray 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 = 126.71
CAGR EPS = 118.51%
Key Rate = 0.0458
Excess Key Rate = 2
Price = 1947.5 + (1947.5 * 118.51% / 100) = 4255.47

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 = 52
g = 0.0993
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) = 2.6
β = 0.737
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.6 + 0.737 * 5.94 + 0 = 0.0698
Price = (52 * (1 + 0.0993)) / (0.0698 - 0.0993) = 1935.64

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) = 201.51
Ebitda Yield = 0.0571
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 = 2.82
Debt = 287.07
Market Cap = 470.75
Weight Debt = Market Cap / (Market Cap + Debt) = 470.75 / (470.75 + 287.07) = 0.6212
Weight Cost Debt = 100% - 0.6212 = 0.3788
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) = 2.6
β = 0.737
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.6 + 0.737 * 5.94 + 0 = 0.0698
WACC = (2.82 / 287.07) * (100% - 0.6212) * (1 - 0.21) + 0.0698 + 0.6212 = 0.8132
Terminal Value = Discount (201.51 * (1 + 0.0571) / (0.8132 - 0.0571)) = 4175.72
Company Value = ∑ (201.51 / (1 + 0.8132) ^ 5) = 881.93
Price = (Terminal Value + Company Value) / Count shares = (4175.72 + 881.93) / 334990000 = 15097.9

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) = 483.46
FCF Yield = 0.4771
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 = 2.82
Debt = 287.07
Market Cap = 470.75
Weight Debt = Market Cap / (Market Cap + Debt) = 470.75 / (470.75 + 287.07) = 0.6212
Weight Cost Debt = 100% - 0.6212 = 0.3788
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) = 2.6
β = 0.737
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.6 + 0.737 * 5.94 + 0 = 0.0698
WACC = (2.82 / 287.07) * (100% - 0.6212) * (1 - 0.21) + 0.0698 + 0.6212 = 0.8132
Terminal Value = Discount (483.46 * (1 + 0.4771) / (0.8132 - 0.4771)) = 1462.23
Company Value = ∑ (483.46 / (1 + 0.8132) ^ 5) = 1245.71
Price = (Terminal Value + Company Value) / Count shares = (1462.23 + 1245.71) / 334990000 = 8083.64