TSE: 5393 - Nichias Corporation

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 = 406.59
CAGR EPS = 12.95%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 4544.5 + (4544.5 * 12.95% / 100) = 5132.83

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 = 102
g = 0.1455
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) = 2.75
β = 0.8631
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.75 + 0.8631 * 5.94 + 0 = 0.0788
Price = (102 * (1 + 0.1455)) / (0.0788 - 0.1455) = 1751.4

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) = 69.88
Ebitda Yield = 0.0867
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 = 0.16
Debt = 22.77
Market Cap = 192.96
Weight Debt = Market Cap / (Market Cap + Debt) = 192.96 / (192.96 + 22.77) = 0.8945
Weight Cost Debt = 100% - 0.8945 = 0.1055
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) = 2.75
β = 0.8631
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.75 + 0.8631 * 5.94 + 0 = 0.0788
WACC = (0.16 / 22.77) * (100% - 0.8945) * (1 - 0.21) + 0.0788 + 0.8945 = 0.6207
Terminal Value = Discount (69.88 * (1 + 0.0867) / (0.6207 - 0.0867)) = 914.46
Company Value = ∑ (69.88 / (1 + 0.6207) ^ 5) = 292.15
Price = (Terminal Value + Company Value) / Count shares = (914.46 + 292.15) / 66330000 = 18190.92

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) = 4.31
FCF Yield = -0.0737
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 = 0.16
Debt = 22.77
Market Cap = 192.96
Weight Debt = Market Cap / (Market Cap + Debt) = 192.96 / (192.96 + 22.77) = 0.8945
Weight Cost Debt = 100% - 0.8945 = 0.1055
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) = 2.75
β = 0.8631
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.75 + 0.8631 * 5.94 + 0 = 0.0788
WACC = (0.16 / 22.77) * (100% - 0.8945) * (1 - 0.21) + 0.0788 + 0.8945 = 0.6207
Terminal Value = Discount (4.31 * (1 + -0.0737) / (0.6207 - -0.0737)) = 48.47
Company Value = ∑ (4.31 / (1 + 0.6207) ^ 5) = 24.85
Price = (Terminal Value + Company Value) / Count shares = (48.47 + 24.85) / 66330000 = 1105.35