TSE: 5192 - Mitsuboshi Belting Ltd.

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 = 250.39
CAGR EPS = 6.4%
Key Rate = 0.0458
Excess Key Rate = 2
Price = 250.39 * (1 + 6.4%) / (0.0458 * 2) = 2908.54

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 = 215
g = 0.0389
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 = 0.5111
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.6 + 0.5111 * 5.94 + 0 = 0.0564
Price = (215 * (1 + 0.0389)) / (0.0564 - 0.0389) = 12803.97

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) = 12.84
Ebitda Yield = 0.0128
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 = 0.058
Debt = 6.42
Market Cap = 125.9
Weight Debt = Market Cap / (Market Cap + Debt) = 125.9 / (125.9 + 6.42) = 0.9515
Weight Cost Debt = 100% - 0.9515 = 0.0485
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 = 0.5111
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.6 + 0.5111 * 5.94 + 0 = 0.0564
WACC = (0.058 / 6.42) * (100% - 0.9515) * (1 - 0.21) + 0.0564 + 0.9515 = 0.7604
Terminal Value = Discount (12.84 * (1 + 0.0128) / (0.7604 - 0.0128)) = 2417.94
Company Value = ∑ (12.84 / (1 + 0.7604) ^ 5) = 61.17
Price = (Terminal Value + Company Value) / Count shares = (2417.94 + 61.17) / 28390000 = 87323.61

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) = 11.76
FCF Yield = 0.1132
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 = 0.058
Debt = 6.42
Market Cap = 125.9
Weight Debt = Market Cap / (Market Cap + Debt) = 125.9 / (125.9 + 6.42) = 0.9515
Weight Cost Debt = 100% - 0.9515 = 0.0485
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 = 0.5111
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.6 + 0.5111 * 5.94 + 0 = 0.0564
WACC = (0.058 / 6.42) * (100% - 0.9515) * (1 - 0.21) + 0.0564 + 0.9515 = 0.7604
Terminal Value = Discount (11.76 * (1 + 0.1132) / (0.7604 - 0.1132)) = 119.39
Company Value = ∑ (11.76 / (1 + 0.7604) ^ 5) = 46.86
Price = (Terminal Value + Company Value) / Count shares = (119.39 + 46.86) / 28390000 = 5855.86