TSE: 4922 - KOSÉ Corporation

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 = 204.41
CAGR EPS = -15.26%
Key Rate = 0.0458
Excess Key Rate = 2
Price = 204.41 * (1 + -15.26%) / (0.0458 * 2) = 1891.09

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 = 140
g = -0.1083
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) = 2.6
β = 2.26
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.6 + 2.26 * 5.94 + 0 = 0.1604
Price = (140 * (1 + -0.1083)) / (0.1604 - -0.1083) = 464.42

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) = 16.29
Ebitda Yield = -0.0951
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 = 0.011
Debt = 10.21
Market Cap = 771.04
Weight Debt = Market Cap / (Market Cap + Debt) = 771.04 / (771.04 + 10.21) = 0.9869
Weight Cost Debt = 100% - 0.9869 = 0.0131
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) = 2.6
β = 2.26
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.6 + 2.26 * 5.94 + 0 = 0.1604
WACC = (0.011 / 10.21) * (100% - 0.9869) * (1 - 0.21) + 0.1604 + 0.9869 = 0.2426
Terminal Value = Discount (16.29 * (1 + -0.0951) / (0.2426 - -0.0951)) = 149.29
Company Value = ∑ (16.29 / (1 + 0.2426) ^ 5) = 99.81
Price = (Terminal Value + Company Value) / Count shares = (149.29 + 99.81) / 57050000 = 4366.25

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 FCF(5) * (1 + FCF Yield) / (WACC - FCF Yield)
Company Value = ∑ (Discount FCF / (1 + WACC) ^ 5)
Discount FCF(5) = 33.69
FCF Yield = 0.0622
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 = 0.011
Debt = 10.21
Market Cap = 771.04
Weight Debt = Market Cap / (Market Cap + Debt) = 771.04 / (771.04 + 10.21) = 0.9869
Weight Cost Debt = 100% - 0.9869 = 0.0131
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) = 2.6
β = 2.26
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.6 + 2.26 * 5.94 + 0 = 0.1604
WACC = (0.011 / 10.21) * (100% - 0.9869) * (1 - 0.21) + 0.1604 + 0.9869 = 0.2426
Terminal Value = Discount (33.69 * (1 + 0.0622) / (0.2426 - 0.0622)) = 591.78
Company Value = ∑ (33.69 / (1 + 0.2426) ^ 5) = 148.71
Price = (Terminal Value + Company Value) / Count shares = (591.78 + 148.71) / 57050000 = 12979.6