TSE: 3765 - GungHo Online Entertainment, 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 = 270.19
CAGR EPS = 1.01%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 270.19 * (1 + 1.01%) / (0.0433 * 2) = 3151.41

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) = 28.69
Ebitda Yield = -0.0028
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 = 0.021
Debt = 0.722
Market Cap = 164.09
Weight Debt = Market Cap / (Market Cap + Debt) = 164.09 / (164.09 + 0.722) = 0.9956
Weight Cost Debt = 100% - 0.9956 = 0.0044
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) = 3
β = 0.4198
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 3 + 0.4198 * 5.94 + 0 = 0.0549
WACC = (0.021 / 0.722) * (100% - 0.9956) * (1 - 0.21) + 0.0549 + 0.9956 = 2.33
Terminal Value = Discount (28.69 * (1 + -0.0028) / (2.33 - -0.0028)) = 978.23
Company Value = ∑ (28.69 / (1 + 2.33) ^ 5) = 134.71
Price = (Terminal Value + Company Value) / Count shares = (978.23 + 134.71) / 60820000 = 18298.89

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) = 19.97
FCF Yield = 0.000701
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 = 0.021
Debt = 0.722
Market Cap = 164.09
Weight Debt = Market Cap / (Market Cap + Debt) = 164.09 / (164.09 + 0.722) = 0.9956
Weight Cost Debt = 100% - 0.9956 = 0.0044
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) = 3
β = 0.4198
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 3 + 0.4198 * 5.94 + 0 = 0.0549
WACC = (0.021 / 0.722) * (100% - 0.9956) * (1 - 0.21) + 0.0549 + 0.9956 = 2.33
Terminal Value = Discount (19.97 * (1 + 0.000701) / (2.33 - 0.000701)) = 788.14
Company Value = ∑ (19.97 / (1 + 2.33) ^ 5) = 93.09
Price = (Terminal Value + Company Value) / Count shares = (788.14 + 93.09) / 60820000 = 14489.11