TSE: 4902 - Konica Minolta, 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 = 9.12
CAGR EPS = 28.19%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 9.12 * (1 + 28.19%) / (0.0433 * 2) = 135.06

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 = 5
g = -2.19
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) = 2.89
β = -15.46
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.89 + -15.46 * 5.94 + 0 = -0.8894
Price = (5 * (1 + -2.19)) / (-0.8894 - -2.19) = -4.57

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) = 114.05
Ebitda Yield = 0.0213
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 = 15.41
Debt = 522.58
Market Cap = 253.28
Weight Debt = Market Cap / (Market Cap + Debt) = 253.28 / (253.28 + 522.58) = 0.3265
Weight Cost Debt = 100% - 0.3265 = 0.6735
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) = 2.89
β = -15.46
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.89 + -15.46 * 5.94 + 0 = -0.8894
WACC = (15.41 / 522.58) * (100% - 0.3265) * (1 - 0.21) + -0.8894 + 0.3265 = 2.03
Terminal Value = Discount (114.05 * (1 + 0.0213) / (2.03 - 0.0213)) = 103380.38
Company Value = ∑ (114.05 / (1 + 2.03) ^ 5) = 514.69
Price = (Terminal Value + Company Value) / Count shares = (103380.38 + 514.69) / 495530000 = 209664.55

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) = 118.47
FCF Yield = 0.2539
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 = 15.41
Debt = 522.58
Market Cap = 253.28
Weight Debt = Market Cap / (Market Cap + Debt) = 253.28 / (253.28 + 522.58) = 0.3265
Weight Cost Debt = 100% - 0.3265 = 0.6735
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) = 2.89
β = -15.46
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.89 + -15.46 * 5.94 + 0 = -0.8894
WACC = (15.41 / 522.58) * (100% - 0.3265) * (1 - 0.21) + -0.8894 + 0.3265 = 2.03
Terminal Value = Discount (118.47 * (1 + 0.2539) / (2.03 - 0.2539)) = 575.01
Company Value = ∑ (118.47 / (1 + 2.03) ^ 5) = 369.92
Price = (Terminal Value + Company Value) / Count shares = (575.01 + 369.92) / 495530000 = 1906.91