TSE: 3903 - gumi Inc.

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 = -150.03
CAGR EPS = 9.16%
Key Rate = 0.0458
Excess Key Rate = 2
Price = 394.5 + (394.5 * 9.16% / 100) = 430.64

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) = 0.4381
Ebitda Yield = -1.66
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 = 0.0596
Debt = 4.24
Market Cap = 26.26
Weight Debt = Market Cap / (Market Cap + Debt) = 26.26 / (26.26 + 4.24) = 0.861
Weight Cost Debt = 100% - 0.861 = 0.139
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 = -0.4885
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.75 + -0.4885 * 5.94 + 0 = -0.0015
WACC = (0.0596 / 4.24) * (100% - 0.861) * (1 - 0.21) + -0.0015 + 0.861 = 1.1
Terminal Value = Discount (0.4381 * (1 + -1.66) / (1.1 - -1.66)) = -0.1635
Company Value = ∑ (0.4381 / (1 + 1.1) ^ 5) = 1.57
Price = (Terminal Value + Company Value) / Count shares = (-0.1635 + 1.57) / 32689999 = 42.98

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) = -80.51
FCF Yield = 0.6772
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 = 0.0596
Debt = 4.24
Market Cap = 26.26
Weight Debt = Market Cap / (Market Cap + Debt) = 26.26 / (26.26 + 4.24) = 0.861
Weight Cost Debt = 100% - 0.861 = 0.139
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 = -0.4885
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.75 + -0.4885 * 5.94 + 0 = -0.0015
WACC = (0.0596 / 4.24) * (100% - 0.861) * (1 - 0.21) + -0.0015 + 0.861 = 1.1
Terminal Value = Discount (-80.51 * (1 + 0.6772) / (1.1 - 0.6772)) = -191.92
Company Value = ∑ (-80.51 / (1 + 1.1) ^ 5) = -176.65
Price = (Terminal Value + Company Value) / Count shares = (-191.92 + -176.65) / 32689999 = -11274.7