TSE: 4015 - arara 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 = 10.49
CAGR EPS = -12.28%
Key Rate = 0.0458
Excess Key Rate = 2
Price = 10.49 * (1 + -12.28%) / (0.0458 * 2) = 100.41

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) = 1.37
Ebitda Yield = 0.227
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 = 0.0236
Debt = 1.25
Market Cap = 0
Weight Debt = Market Cap / (Market Cap + Debt) = 0 / (0 + 1.25) = 0
Weight Cost Debt = 100% - 0 = 1
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 = 7.73
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.75 + 7.73 * 5.94 + 0 = 0.4867
WACC = (0.0236 / 1.25) * (100% - 0) * (1 - 0.21) + 0.4867 + 0 = 1.49
Terminal Value = Discount (1.37 * (1 + 0.227) / (1.49 - 0.227)) = 7.34
Company Value = ∑ (1.37 / (1 + 1.49) ^ 5) = 4.5
Price = (Terminal Value + Company Value) / Count shares = (7.34 + 4.5) / 10880000 = 1087.67

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) = 1.56
FCF Yield = 0.2931
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 = 0.0236
Debt = 1.25
Market Cap = 0
Weight Debt = Market Cap / (Market Cap + Debt) = 0 / (0 + 1.25) = 0
Weight Cost Debt = 100% - 0 = 1
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 = 7.73
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.75 + 7.73 * 5.94 + 0 = 0.4867
WACC = (0.0236 / 1.25) * (100% - 0) * (1 - 0.21) + 0.4867 + 0 = 1.49
Terminal Value = Discount (1.56 * (1 + 0.2931) / (1.49 - 0.2931)) = 6.73
Company Value = ∑ (1.56 / (1 + 1.49) ^ 5) = 4.72
Price = (Terminal Value + Company Value) / Count shares = (6.73 + 4.72) / 10880000 = 1052.12