TSE: 4617 - Chugoku Marine Paints, Ltd.

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 = 199.58
CAGR EPS = 117.08%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 2132 + (2132 * 117.08% / 100) = 4628.18

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 = 86
g = 0.4045
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) = 2.82
β = 0.2116
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + 0.2116 * 5.94 + 0 = 0.0408
Price = (86 * (1 + 0.4045)) / (0.0408 - 0.4045) = 332.05

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) = 28.27
Ebitda Yield = 0.1389
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 = 0.518
Debt = 25.59
Market Cap = 57.58
Weight Debt = Market Cap / (Market Cap + Debt) = 57.58 / (57.58 + 25.59) = 0.6924
Weight Cost Debt = 100% - 0.6924 = 0.3076
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) = 2.82
β = 0.2116
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + 0.2116 * 5.94 + 0 = 0.0408
WACC = (0.518 / 25.59) * (100% - 0.6924) * (1 - 0.21) + 0.0408 + 0.6924 = 1.62
Terminal Value = Discount (28.27 * (1 + 0.1389) / (1.62 - 0.1389)) = 242.24
Company Value = ∑ (28.27 / (1 + 1.62) ^ 5) = 105.24
Price = (Terminal Value + Company Value) / Count shares = (242.24 + 105.24) / 49560000 = 7011.14

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) = 21.79
FCF Yield = 0.1495
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 = 0.518
Debt = 25.59
Market Cap = 57.58
Weight Debt = Market Cap / (Market Cap + Debt) = 57.58 / (57.58 + 25.59) = 0.6924
Weight Cost Debt = 100% - 0.6924 = 0.3076
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) = 2.82
β = 0.2116
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + 0.2116 * 5.94 + 0 = 0.0408
WACC = (0.518 / 25.59) * (100% - 0.6924) * (1 - 0.21) + 0.0408 + 0.6924 = 1.62
Terminal Value = Discount (21.79 * (1 + 0.1495) / (1.62 - 0.1495)) = 173.37
Company Value = ∑ (21.79 / (1 + 1.62) ^ 5) = 79.77
Price = (Terminal Value + Company Value) / Count shares = (173.37 + 79.77) / 49560000 = 5107.76