TSE: 4584 - Kidswell Bio Corporation

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 = -40.23
CAGR EPS = 8.66%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 118 + (118 * 8.66% / 100) = 128.22

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) = -0.3817
Ebitda Yield = -0.2268
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 = 0.0388
Debt = 2.58
Market Cap = 7.89
Weight Debt = Market Cap / (Market Cap + Debt) = 7.89 / (7.89 + 2.58) = 0.7539
Weight Cost Debt = 100% - 0.7539 = 0.2461
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) = 3
β = 3.88
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 3 + 3.88 * 5.94 + 0 = 0.2604
WACC = (0.0388 / 2.58) * (100% - 0.7539) * (1 - 0.21) + 0.2604 + 0.7539 = 1.38
Terminal Value = Discount (-0.3817 * (1 + -0.2268) / (1.38 - -0.2268)) = -1.15
Company Value = ∑ (-0.3817 / (1 + 1.38) ^ 5) = -3.29
Price = (Terminal Value + Company Value) / Count shares = (-1.15 + -3.29) / 32060000 = -138.45

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) = -0.1956
FCF Yield = -0.1548
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 = 0.0388
Debt = 2.58
Market Cap = 7.89
Weight Debt = Market Cap / (Market Cap + Debt) = 7.89 / (7.89 + 2.58) = 0.7539
Weight Cost Debt = 100% - 0.7539 = 0.2461
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) = 3
β = 3.88
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 3 + 3.88 * 5.94 + 0 = 0.2604
WACC = (0.0388 / 2.58) * (100% - 0.7539) * (1 - 0.21) + 0.2604 + 0.7539 = 1.38
Terminal Value = Discount (-0.1956 * (1 + -0.1548) / (1.38 - -0.1548)) = -0.9156
Company Value = ∑ (-0.1956 / (1 + 1.38) ^ 5) = -1.36
Price = (Terminal Value + Company Value) / Count shares = (-0.9156 + -1.36) / 32060000 = -70.92