TSE: 4004 - Resonac Holdings Corporation

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 = -104.65
CAGR EPS = -173.11%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 0 + (0 * -173.11% / 100) = 883.47

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 = 65
g = 0.6583
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 = -5.95
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.89 + -5.95 * 5.94 + 0 = -0.3244
Price = (65 * (1 + 0.6583)) / (-0.3244 - 0.6583) = 109.69

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) = 65.06
Ebitda Yield = -0.0761
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 = 13.37
Debt = 1004.71
Market Cap = 422.64
Weight Debt = Market Cap / (Market Cap + Debt) = 422.64 / (422.64 + 1004.71) = 0.2961
Weight Cost Debt = 100% - 0.2961 = 0.7039
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 = -5.95
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.89 + -5.95 * 5.94 + 0 = -0.3244
WACC = (13.37 / 1004.71) * (100% - 0.2961) * (1 - 0.21) + -0.3244 + 0.2961 = 0.9521
Terminal Value = Discount (65.06 * (1 + -0.0761) / (0.9521 - -0.0761)) = 669.34
Company Value = ∑ (65.06 / (1 + 0.9521) ^ 5) = 373.34
Price = (Terminal Value + Company Value) / Count shares = (669.34 + 373.34) / 181130000 = 5756.52

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) = 27.34
FCF Yield = -0.0285
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 = 13.37
Debt = 1004.71
Market Cap = 422.64
Weight Debt = Market Cap / (Market Cap + Debt) = 422.64 / (422.64 + 1004.71) = 0.2961
Weight Cost Debt = 100% - 0.2961 = 0.7039
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 = -5.95
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.89 + -5.95 * 5.94 + 0 = -0.3244
WACC = (13.37 / 1004.71) * (100% - 0.2961) * (1 - 0.21) + -0.3244 + 0.2961 = 0.9521
Terminal Value = Discount (27.34 * (1 + -0.0285) / (0.9521 - -0.0285)) = 667.01
Company Value = ∑ (27.34 / (1 + 0.9521) ^ 5) = 140.95
Price = (Terminal Value + Company Value) / Count shares = (667.01 + 140.95) / 181130000 = 4460.7