TSE: 4005 - Sumitomo Chemical Company, Limited

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 = -190.69
CAGR EPS = 8.66%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 349.25 + (349.25 * 8.66% / 100) = 379.5

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 = 6
g = -0.6053
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) = 2.82
β = 0.0658
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + 0.0658 * 5.94 + 0 = 0.0321
Price = (6 * (1 + -0.6053)) / (0.0321 - -0.6053) = 3.71

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) = 17.82
Ebitda Yield = -1.59
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 = 46.96
Debt = 1563.49
Market Cap = 727.09
Weight Debt = Market Cap / (Market Cap + Debt) = 727.09 / (727.09 + 1563.49) = 0.3174
Weight Cost Debt = 100% - 0.3174 = 0.6826
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) = 2.82
β = 0.0658
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + 0.0658 * 5.94 + 0 = 0.0321
WACC = (46.96 / 1563.49) * (100% - 0.3174) * (1 - 0.21) + 0.0321 + 0.3174 = 2.38
Terminal Value = Discount (17.82 * (1 + -1.59) / (2.38 - -1.59)) = -5.77
Company Value = ∑ (17.82 / (1 + 2.38) ^ 5) = 99.78
Price = (Terminal Value + Company Value) / Count shares = (-5.77 + 99.78) / 1635350000 = 57.49

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) = 109.4
FCF Yield = -1.88
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 = 46.96
Debt = 1563.49
Market Cap = 727.09
Weight Debt = Market Cap / (Market Cap + Debt) = 727.09 / (727.09 + 1563.49) = 0.3174
Weight Cost Debt = 100% - 0.3174 = 0.6826
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) = 2.82
β = 0.0658
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + 0.0658 * 5.94 + 0 = 0.0321
WACC = (46.96 / 1563.49) * (100% - 0.3174) * (1 - 0.21) + 0.0321 + 0.3174 = 2.38
Terminal Value = Discount (109.4 * (1 + -1.88) / (2.38 - -1.88)) = -45.04
Company Value = ∑ (109.4 / (1 + 2.38) ^ 5) = 139.58
Price = (Terminal Value + Company Value) / Count shares = (-45.04 + 139.58) / 1635350000 = 57.81