TSE: 3462 - Nomura Real Estate Master Fund, 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 = 6506.4
CAGR EPS = 3.97%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 6506.4 * (1 + 3.97%) / (0.0433 * 2) = 78110.59

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 = 6896
g = 0.039
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) = 2.82
β = -0.3424
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + -0.3424 * 5.94 + 0 = 0.0079
Price = (6896 * (1 + 0.039)) / (0.0079 - 0.039) = 230420.28

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) = 58.46
Ebitda Yield = 0.0241
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 = 3.57
Debt = 521.3
Market Cap = 762.92
Weight Debt = Market Cap / (Market Cap + Debt) = 762.92 / (762.92 + 521.3) = 0.5941
Weight Cost Debt = 100% - 0.5941 = 0.4059
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) = 2.82
β = -0.3424
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + -0.3424 * 5.94 + 0 = 0.0079
WACC = (3.57 / 521.3) * (100% - 0.5941) * (1 - 0.21) + 0.0079 + 0.5941 = 0.5428
Terminal Value = Discount (58.46 * (1 + 0.0241) / (0.5428 - 0.0241)) = 3121.75
Company Value = ∑ (58.46 / (1 + 0.5428) ^ 5) = 274.29
Price = (Terminal Value + Company Value) / Count shares = (3121.75 + 274.29) / 4710000 = 721027.26

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) = 205.67
FCF Yield = 0.4196
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 = 3.57
Debt = 521.3
Market Cap = 762.92
Weight Debt = Market Cap / (Market Cap + Debt) = 762.92 / (762.92 + 521.3) = 0.5941
Weight Cost Debt = 100% - 0.5941 = 0.4059
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) = 2.82
β = -0.3424
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + -0.3424 * 5.94 + 0 = 0.0079
WACC = (3.57 / 521.3) * (100% - 0.5941) * (1 - 0.21) + 0.0079 + 0.5941 = 0.5428
Terminal Value = Discount (205.67 * (1 + 0.4196) / (0.5428 - 0.4196)) = 686.08
Company Value = ∑ (205.67 / (1 + 0.5428) ^ 5) = 563.84
Price = (Terminal Value + Company Value) / Count shares = (686.08 + 563.84) / 4710000 = 265375.8