TSE: 3798 - ULS Group, 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 = 204.54
CAGR EPS = 9.79%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 204.54 * (1 + 9.79%) / (0.0433 * 2) = 2593.06

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 = 45
g = 0.0643
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 = 1.12
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 3 + 1.12 * 5.94 + 0 = 0.0968
Price = (45 * (1 + 0.0643)) / (0.0968 - 0.0643) = 1473.3

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) = 2.22
Ebitda Yield = 0.0373
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 = 0.3579
Debt = 0
Market Cap = 19.42
Weight Debt = Market Cap / (Market Cap + Debt) = 19.42 / (19.42 + 0) = 0
Weight Cost Debt = 100% - 0 = 1
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 = 1.12
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 3 + 1.12 * 5.94 + 0 = 0.0968
WACC = (0.3579 / 0) * (100% - 0) * (1 - 0.21) + 0.0968 + 0 = 0
Terminal Value = Discount (2.22 * (1 + 0.0373) / (0 - 0.0373)) = 61.67
Company Value = ∑ (2.22 / (1 + 0) ^ 5) = 10.32
Price = (Terminal Value + Company Value) / Count shares = (61.67 + 10.32) / 5530000 = 13017.73

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) = 0.5741
FCF Yield = -0.0367
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 = 0.3579
Debt = 0
Market Cap = 19.42
Weight Debt = Market Cap / (Market Cap + Debt) = 19.42 / (19.42 + 0) = 0
Weight Cost Debt = 100% - 0 = 1
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 = 1.12
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 3 + 1.12 * 5.94 + 0 = 0.0968
WACC = (0.3579 / 0) * (100% - 0) * (1 - 0.21) + 0.0968 + 0 = 0
Terminal Value = Discount (0.5741 * (1 + -0.0367) / (0 - -0.0367)) = 15.09
Company Value = ∑ (0.5741 / (1 + 0) ^ 5) = 3.1
Price = (Terminal Value + Company Value) / Count shares = (15.09 + 3.1) / 5530000 = 3288.52