TSE: 3993 - PKSHA Technology 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 = 67.61
CAGR EPS = 4.14%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 67.61 * (1 + 4.14%) / (0.0433 * 2) = 813.06

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) = 17.24
Ebitda Yield = 0.2768
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 = 0.0388
Debt = 4.72
Market Cap = 99.43
Weight Debt = Market Cap / (Market Cap + Debt) = 99.43 / (99.43 + 4.72) = 0.9547
Weight Cost Debt = 100% - 0.9547 = 0.0453
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) = 2.89
β = 3.56
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.89 + 3.56 * 5.94 + 0 = 0.2401
WACC = (0.0388 / 4.72) * (100% - 0.9547) * (1 - 0.21) + 0.2401 + 0.9547 = 0.8725
Terminal Value = Discount (17.24 * (1 + 0.2768) / (0.8725 - 0.2768)) = 78.61
Company Value = ∑ (17.24 / (1 + 0.8725) ^ 5) = 54.41
Price = (Terminal Value + Company Value) / Count shares = (78.61 + 54.41) / 31060000 = 4282.66

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) = 18.44
FCF Yield = 0.5313
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 = 0.0388
Debt = 4.72
Market Cap = 99.43
Weight Debt = Market Cap / (Market Cap + Debt) = 99.43 / (99.43 + 4.72) = 0.9547
Weight Cost Debt = 100% - 0.9547 = 0.0453
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) = 2.89
β = 3.56
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.89 + 3.56 * 5.94 + 0 = 0.2401
WACC = (0.0388 / 4.72) * (100% - 0.9547) * (1 - 0.21) + 0.2401 + 0.9547 = 0.8725
Terminal Value = Discount (18.44 * (1 + 0.5313) / (0.8725 - 0.5313)) = 51.74
Company Value = ∑ (18.44 / (1 + 0.8725) ^ 5) = 45.32
Price = (Terminal Value + Company Value) / Count shares = (51.74 + 45.32) / 31060000 = 3124.74