TSE: 5301 - Tokai Carbon 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 = 119.45
CAGR EPS = 8.66%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 961.6 + (961.6 * 8.66% / 100) = 1044.87

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 = 30
g = 0.1222
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) = 3
β = -1.79
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 3 + -1.79 * 5.94 + 0 = -0.0765
Price = (30 * (1 + 0.1222)) / (-0.0765 - 0.1222) = 169.43

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) = 84.62
Ebitda Yield = 0.0093
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 = 1.57
Debt = 167.76
Market Cap = 262.98
Weight Debt = Market Cap / (Market Cap + Debt) = 262.98 / (262.98 + 167.76) = 0.6105
Weight Cost Debt = 100% - 0.6105 = 0.3895
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) = 3
β = -1.79
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 3 + -1.79 * 5.94 + 0 = -0.0765
WACC = (1.57 / 167.76) * (100% - 0.6105) * (1 - 0.21) + -0.0765 + 0.6105 = 0.6857
Terminal Value = Discount (84.62 * (1 + 0.0093) / (0.6857 - 0.0093)) = 33331.17
Company Value = ∑ (84.62 / (1 + 0.6857) ^ 5) = 406.9
Price = (Terminal Value + Company Value) / Count shares = (33331.17 + 406.9) / 213210000 = 158238.67

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) = 9.72
FCF Yield = -0.0485
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 = 1.57
Debt = 167.76
Market Cap = 262.98
Weight Debt = Market Cap / (Market Cap + Debt) = 262.98 / (262.98 + 167.76) = 0.6105
Weight Cost Debt = 100% - 0.6105 = 0.3895
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) = 3
β = -1.79
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 3 + -1.79 * 5.94 + 0 = -0.0765
WACC = (1.57 / 167.76) * (100% - 0.6105) * (1 - 0.21) + -0.0765 + 0.6105 = 0.6857
Terminal Value = Discount (9.72 * (1 + -0.0485) / (0.6857 - -0.0485)) = 161.39
Company Value = ∑ (9.72 / (1 + 0.6857) ^ 5) = 52.73
Price = (Terminal Value + Company Value) / Count shares = (161.39 + 52.73) / 213210000 = 1004.27