TSE: 4813 - Access Co., 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 = -7.46
CAGR EPS = -189.9%
Key Rate = 0.0458
Excess Key Rate = 2
Price = 0 + (0 * -189.9% / 100) = 73.25

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) = 4.62
Ebitda Yield = 0.081
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 = 0.212
Market Cap = 37.65
Weight Debt = Market Cap / (Market Cap + Debt) = 37.65 / (37.65 + 0.212) = 0.9944
Weight Cost Debt = 100% - 0.9944 = 0.0056
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 = -0.5113
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.75 + -0.5113 * 5.94 + 0 = -0.0029
WACC = (0.003 / 0.212) * (100% - 0.9944) * (1 - 0.21) + -0.0029 + 0.9944 = 1.09
Terminal Value = Discount (4.62 * (1 + 0.081) / (1.09 - 0.081)) = 67.41
Company Value = ∑ (4.62 / (1 + 1.09) ^ 5) = 19.2
Price = (Terminal Value + Company Value) / Count shares = (67.41 + 19.2) / 38400000 = 2255.67

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) = -0.547
FCF Yield = -0.1424
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 = 0.212
Market Cap = 37.65
Weight Debt = Market Cap / (Market Cap + Debt) = 37.65 / (37.65 + 0.212) = 0.9944
Weight Cost Debt = 100% - 0.9944 = 0.0056
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 = -0.5113
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.75 + -0.5113 * 5.94 + 0 = -0.0029
WACC = (0.003 / 0.212) * (100% - 0.9944) * (1 - 0.21) + -0.0029 + 0.9944 = 1.09
Terminal Value = Discount (-0.547 * (1 + -0.1424) / (1.09 - -0.1424)) = -2.9
Company Value = ∑ (-0.547 / (1 + 1.09) ^ 5) = -3.7
Price = (Terminal Value + Company Value) / Count shares = (-2.9 + -3.7) / 38400000 = -171.75