TSE: 3994 - Money Forward, 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 = -116.98
CAGR EPS = 14.26%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 5034 + (5034 * 14.26% / 100) = 5752.03

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) = -6.51
Ebitda Yield = 0.095
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 = 0.2398
Debt = 30.37
Market Cap = 300.12
Weight Debt = Market Cap / (Market Cap + Debt) = 300.12 / (300.12 + 30.37) = 0.9081
Weight Cost Debt = 100% - 0.9081 = 0.0919
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 = 3.04
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 3 + 3.04 * 5.94 + 0 = 0.2104
WACC = (0.2398 / 30.37) * (100% - 0.9081) * (1 - 0.21) + 0.2104 + 0.9081 = 0.8091
Terminal Value = Discount (-6.51 * (1 + 0.095) / (0.8091 - 0.095)) = -78.8
Company Value = ∑ (-6.51 / (1 + 0.8091) ^ 5) = -26.67
Price = (Terminal Value + Company Value) / Count shares = (-78.8 + -26.67) / 53980000 = -1953.89

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) = -2.4
FCF Yield = -0.0386
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 = 0.2398
Debt = 30.37
Market Cap = 300.12
Weight Debt = Market Cap / (Market Cap + Debt) = 300.12 / (300.12 + 30.37) = 0.9081
Weight Cost Debt = 100% - 0.9081 = 0.0919
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 = 3.04
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 3 + 3.04 * 5.94 + 0 = 0.2104
WACC = (0.2398 / 30.37) * (100% - 0.9081) * (1 - 0.21) + 0.2104 + 0.9081 = 0.8091
Terminal Value = Discount (-2.4 * (1 + -0.0386) / (0.8091 - -0.0386)) = -47.44
Company Value = ∑ (-2.4 / (1 + 0.8091) ^ 5) = -12.7
Price = (Terminal Value + Company Value) / Count shares = (-47.44 + -12.7) / 53980000 = -1114.11