TSE: 4151 - Kyowa Kirin Co., Ltd.

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 = 151.01
CAGR EPS = 16.59%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 151.01 * (1 + 16.59%) / (0.0433 * 2) = 2033.09

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 = 58
g = 0.1732
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 = -3.65
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.75 + -3.65 * 5.94 + 0 = -0.1891
Price = (58 * (1 + 0.1732)) / (-0.1891 - 0.1732) = 187.78

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) = 193.74
Ebitda Yield = 0.1033
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 = 0.19
Debt = 24.25
Market Cap = 1380
Weight Debt = Market Cap / (Market Cap + Debt) = 1380 / (1380 + 24.25) = 0.9827
Weight Cost Debt = 100% - 0.9827 = 0.0173
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 = -3.65
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.75 + -3.65 * 5.94 + 0 = -0.1891
WACC = (0.19 / 24.25) * (100% - 0.9827) * (1 - 0.21) + -0.1891 + 0.9827 = 0.4271
Terminal Value = Discount (193.74 * (1 + 0.1033) / (0.4271 - 0.1033)) = 2113.83
Company Value = ∑ (193.74 / (1 + 0.4271) ^ 5) = 792.7
Price = (Terminal Value + Company Value) / Count shares = (2113.83 + 792.7) / 537630000 = 5406.2

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) = 177.4
FCF Yield = 0.1649
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 = 0.19
Debt = 24.25
Market Cap = 1380
Weight Debt = Market Cap / (Market Cap + Debt) = 1380 / (1380 + 24.25) = 0.9827
Weight Cost Debt = 100% - 0.9827 = 0.0173
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 = -3.65
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.75 + -3.65 * 5.94 + 0 = -0.1891
WACC = (0.19 / 24.25) * (100% - 0.9827) * (1 - 0.21) + -0.1891 + 0.9827 = 0.4271
Terminal Value = Discount (177.4 * (1 + 0.1649) / (0.4271 - 0.1649)) = 1259.39
Company Value = ∑ (177.4 / (1 + 0.4271) ^ 5) = 659.64
Price = (Terminal Value + Company Value) / Count shares = (1259.39 + 659.64) / 537630000 = 3569.41