TSE: 4056 - Neural Pocket 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 = -43.65
CAGR EPS = 9.16%
Key Rate = 0.0458
Excess Key Rate = 2
Price = 937.5 + (937.5 * 9.16% / 100) = 1023.38

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) = -0.0342
Ebitda Yield = -0.4128
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 = 0.0234
Debt = 2.42
Market Cap = 25.82
Weight Debt = Market Cap / (Market Cap + Debt) = 25.82 / (25.82 + 2.42) = 0.9143
Weight Cost Debt = 100% - 0.9143 = 0.0857
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 = 0.4273
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.75 + 0.4273 * 5.94 + 0 = 0.0529
WACC = (0.0234 / 2.42) * (100% - 0.9143) * (1 - 0.21) + 0.0529 + 0.9143 = 0.807
Terminal Value = Discount (-0.0342 * (1 + -0.4128) / (0.807 - -0.4128)) = -0.0458
Company Value = ∑ (-0.0342 / (1 + 0.807) ^ 5) = -0.6378
Price = (Terminal Value + Company Value) / Count shares = (-0.0458 + -0.6378) / 14900000 = -45.88

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) = -0.0203
FCF Yield = -0.463
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 = 0.0234
Debt = 2.42
Market Cap = 25.82
Weight Debt = Market Cap / (Market Cap + Debt) = 25.82 / (25.82 + 2.42) = 0.9143
Weight Cost Debt = 100% - 0.9143 = 0.0857
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 = 0.4273
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.75 + 0.4273 * 5.94 + 0 = 0.0529
WACC = (0.0234 / 2.42) * (100% - 0.9143) * (1 - 0.21) + 0.0529 + 0.9143 = 0.807
Terminal Value = Discount (-0.0203 * (1 + -0.463) / (0.807 - -0.463)) = -0.0223
Company Value = ∑ (-0.0203 / (1 + 0.807) ^ 5) = -0.4969
Price = (Terminal Value + Company Value) / Count shares = (-0.0223 + -0.4969) / 14900000 = -34.84