TSE: 4435 - kaonavi, 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 = 56.77
CAGR EPS = 30.09%
Key Rate = 0.0458
Excess Key Rate = 2
Price = 56.77 * (1 + 30.09%) / (0.0458 * 2) = 806.24

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) = 2.84
Ebitda Yield = 0.2997
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 = 0.003
Debt = 0.418
Market Cap = 24.41
Weight Debt = Market Cap / (Market Cap + Debt) = 24.41 / (24.41 + 0.418) = 0.9832
Weight Cost Debt = 100% - 0.9832 = 0.0168
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 = 5.34
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.75 + 5.34 * 5.94 + 0 = 0.3446
WACC = (0.003 / 0.418) * (100% - 0.9832) * (1 - 0.21) + 0.3446 + 0.9832 = 0.9002
Terminal Value = Discount (2.84 * (1 + 0.2997) / (0.9002 - 0.2997)) = 12.13
Company Value = ∑ (2.84 / (1 + 0.9002) ^ 5) = 8.71
Price = (Terminal Value + Company Value) / Count shares = (12.13 + 8.71) / 12300000 = 1694.17

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) = 18.16
FCF Yield = 0.6817
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 = 0.003
Debt = 0.418
Market Cap = 24.41
Weight Debt = Market Cap / (Market Cap + Debt) = 24.41 / (24.41 + 0.418) = 0.9832
Weight Cost Debt = 100% - 0.9832 = 0.0168
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 = 5.34
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.75 + 5.34 * 5.94 + 0 = 0.3446
WACC = (0.003 / 0.418) * (100% - 0.9832) * (1 - 0.21) + 0.3446 + 0.9832 = 0.9002
Terminal Value = Discount (18.16 * (1 + 0.6817) / (0.9002 - 0.6817)) = 43.41
Company Value = ∑ (18.16 / (1 + 0.9002) ^ 5) = 40.03
Price = (Terminal Value + Company Value) / Count shares = (43.41 + 40.03) / 12300000 = 6783.41