TSE: 3914 - JIG-SAW 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 = 68.73
CAGR EPS = 0.1911%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 68.73 * (1 + 0.1911%) / (0.0433 * 2) = 795.2

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) = 0.7421
Ebitda Yield = 0.0109
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 = 0.000132
Debt = 0.045
Market Cap = 40.69
Weight Debt = Market Cap / (Market Cap + Debt) = 40.69 / (40.69 + 0.045) = 0.9989
Weight Cost Debt = 100% - 0.9989 = 0.0011
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 = -5.67
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.75 + -5.67 * 5.94 + 0 = -0.3091
WACC = (0.000132 / 0.045) * (100% - 0.9989) * (1 - 0.21) + -0.3091 + 0.9989 = -0.0794
Terminal Value = Discount (0.7421 * (1 + 0.0109) / (-0.0794 - 0.0109)) = 64.47
Company Value = ∑ (0.7421 / (1 + -0.0794) ^ 5) = 3.64
Price = (Terminal Value + Company Value) / Count shares = (64.47 + 3.64) / 6690000 = 10180.56

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) = 1.81
FCF Yield = 0.2895
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 = 0.000132
Debt = 0.045
Market Cap = 40.69
Weight Debt = Market Cap / (Market Cap + Debt) = 40.69 / (40.69 + 0.045) = 0.9989
Weight Cost Debt = 100% - 0.9989 = 0.0011
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 = -5.67
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.75 + -5.67 * 5.94 + 0 = -0.3091
WACC = (0.000132 / 0.045) * (100% - 0.9989) * (1 - 0.21) + -0.3091 + 0.9989 = -0.0794
Terminal Value = Discount (1.81 * (1 + 0.2895) / (-0.0794 - 0.2895)) = 8.05
Company Value = ∑ (1.81 / (1 + -0.0794) ^ 5) = 5.8
Price = (Terminal Value + Company Value) / Count shares = (8.05 + 5.8) / 6690000 = 2070.7