TSE: 4290 - Prestige International 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 = 45.2
CAGR EPS = 12.77%
Key Rate = 0.0458
Excess Key Rate = 2
Price = 45.2 * (1 + 12.77%) / (0.0458 * 2) = 556.5

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 = 18
g = 0.1197
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 = 0.8022
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.75 + 0.8022 * 5.94 + 0 = 0.0752
Price = (18 * (1 + 0.1197)) / (0.0752 - 0.1197) = 452.72

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) = 13.97
Ebitda Yield = 0.0707
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 = 0.0025
Debt = 0.2808
Market Cap = 81.4
Weight Debt = Market Cap / (Market Cap + Debt) = 81.4 / (81.4 + 0.2808) = 0.9966
Weight Cost Debt = 100% - 0.9966 = 0.0034
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 = 0.8022
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.75 + 0.8022 * 5.94 + 0 = 0.0752
WACC = (0.0025 / 0.2808) * (100% - 0.9966) * (1 - 0.21) + 0.0752 + 0.9966 = 0.7573
Terminal Value = Discount (13.97 * (1 + 0.0707) / (0.7573 - 0.0707)) = 228.16
Company Value = ∑ (13.97 / (1 + 0.7573) ^ 5) = 59.77
Price = (Terminal Value + Company Value) / Count shares = (228.16 + 59.77) / 128319999 = 2243.85

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) = 2.55
FCF Yield = -0.0147
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 = 0.0025
Debt = 0.2808
Market Cap = 81.4
Weight Debt = Market Cap / (Market Cap + Debt) = 81.4 / (81.4 + 0.2808) = 0.9966
Weight Cost Debt = 100% - 0.9966 = 0.0034
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 = 0.8022
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.75 + 0.8022 * 5.94 + 0 = 0.0752
WACC = (0.0025 / 0.2808) * (100% - 0.9966) * (1 - 0.21) + 0.0752 + 0.9966 = 0.7573
Terminal Value = Discount (2.55 * (1 + -0.0147) / (0.7573 - -0.0147)) = 108.68
Company Value = ∑ (2.55 / (1 + 0.7573) ^ 5) = 12.84
Price = (Terminal Value + Company Value) / Count shares = (108.68 + 12.84) / 128319999 = 946.97