TSE: 5344 - Maruwa Co., 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 = 1233.36
CAGR EPS = 20.88%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 1233.36 * (1 + 20.88%) / (0.0433 * 2) = 17215.67

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 = 90
g = 0.215
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 = 4.89
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + 4.89 * 5.94 + 0 = 0.3185
Price = (90 * (1 + 0.215)) / (0.3185 - 0.215) = 1056.21

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) = 42.2
Ebitda Yield = 0.12
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 = 0.001
Debt = 0.4
Market Cap = 274.4
Weight Debt = Market Cap / (Market Cap + Debt) = 274.4 / (274.4 + 0.4) = 0.9985
Weight Cost Debt = 100% - 0.9985 = 0.0014999999999999
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 = 4.89
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + 4.89 * 5.94 + 0 = 0.3185
WACC = (0.001 / 0.4) * (100% - 0.9985) * (1 - 0.21) + 0.3185 + 0.9985 = 0.5136
Terminal Value = Discount (42.2 * (1 + 0.12) / (0.5136 - 0.12)) = 400.93
Company Value = ∑ (42.2 / (1 + 0.5136) ^ 5) = 167.57
Price = (Terminal Value + Company Value) / Count shares = (400.93 + 167.57) / 12340000 = 46069.67

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) = 6.45
FCF Yield = 0.0179
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 = 0.001
Debt = 0.4
Market Cap = 274.4
Weight Debt = Market Cap / (Market Cap + Debt) = 274.4 / (274.4 + 0.4) = 0.9985
Weight Cost Debt = 100% - 0.9985 = 0.0014999999999999
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 = 4.89
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + 4.89 * 5.94 + 0 = 0.3185
WACC = (0.001 / 0.4) * (100% - 0.9985) * (1 - 0.21) + 0.3185 + 0.9985 = 0.5136
Terminal Value = Discount (6.45 * (1 + 0.0179) / (0.5136 - 0.0179)) = 500.71
Company Value = ∑ (6.45 / (1 + 0.5136) ^ 5) = 30.63
Price = (Terminal Value + Company Value) / Count shares = (500.71 + 30.63) / 12340000 = 43058.69