TSE: 5020 - ENEOS Holdings, Inc.

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 = 95.44
CAGR EPS = 30.57%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 753.55 + (753.55 * 30.57% / 100) = 983.89

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 = 24
g = 0.5942
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 = -1.52
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + -1.52 * 5.94 + 0 = -0.0621
Price = (24 * (1 + 0.5942)) / (-0.0621 - 0.5942) = 58.3

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) = 2412.62
Ebitda Yield = 0.238
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 = 47.49
Debt = 3268.23
Market Cap = 1540
Weight Debt = Market Cap / (Market Cap + Debt) = 1540 / (1540 + 3268.23) = 0.3203
Weight Cost Debt = 100% - 0.3203 = 0.6797
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 = -1.52
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + -1.52 * 5.94 + 0 = -0.0621
WACC = (47.49 / 3268.23) * (100% - 0.3203) * (1 - 0.21) + -0.0621 + 0.3203 = 1.12
Terminal Value = Discount (2412.62 * (1 + 0.238) / (1.12 - 0.238)) = 12455.65
Company Value = ∑ (2412.62 / (1 + 1.12) ^ 5) = 7926.25
Price = (Terminal Value + Company Value) / Count shares = (12455.65 + 7926.25) / 3018870000 = 6751.5

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) = 1545.98
FCF Yield = 0.1779
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 = 47.49
Debt = 3268.23
Market Cap = 1540
Weight Debt = Market Cap / (Market Cap + Debt) = 1540 / (1540 + 3268.23) = 0.3203
Weight Cost Debt = 100% - 0.3203 = 0.6797
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 = -1.52
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + -1.52 * 5.94 + 0 = -0.0621
WACC = (47.49 / 3268.23) * (100% - 0.3203) * (1 - 0.21) + -0.0621 + 0.3203 = 1.12
Terminal Value = Discount (1545.98 * (1 + 0.1779) / (1.12 - 0.1779)) = 10333.87
Company Value = ∑ (1545.98 / (1 + 1.12) ^ 5) = 5513.91
Price = (Terminal Value + Company Value) / Count shares = (10333.87 + 5513.91) / 3018870000 = 5249.57