TSE: 5901 - Toyo Seikan Group Holdings, 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 = 130.15
CAGR EPS = 77.24%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 2450.25 + (2450.25 * 77.24% / 100) = 4342.93

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 = 0.1106
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 = -2.07
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + -2.07 * 5.94 + 0 = -0.0945
Price = (90 * (1 + 0.1106)) / (-0.0945 - 0.1106) = 487.21

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) = 98.92
Ebitda Yield = 0.0208
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 = 3.52
Debt = 189.57
Market Cap = 407.94
Weight Debt = Market Cap / (Market Cap + Debt) = 407.94 / (407.94 + 189.57) = 0.6827
Weight Cost Debt = 100% - 0.6827 = 0.3173
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 = -2.07
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + -2.07 * 5.94 + 0 = -0.0945
WACC = (3.52 / 189.57) * (100% - 0.6827) * (1 - 0.21) + -0.0945 + 0.6827 = 1.39
Terminal Value = Discount (98.92 * (1 + 0.0208) / (1.39 - 0.0208)) = 13689.1
Company Value = ∑ (98.92 / (1 + 1.39) ^ 5) = 455.44
Price = (Terminal Value + Company Value) / Count shares = (13689.1 + 455.44) / 177360000 = 79750.5

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) = 6.29
FCF Yield = -0.1016
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 = 3.52
Debt = 189.57
Market Cap = 407.94
Weight Debt = Market Cap / (Market Cap + Debt) = 407.94 / (407.94 + 189.57) = 0.6827
Weight Cost Debt = 100% - 0.6827 = 0.3173
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 = -2.07
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + -2.07 * 5.94 + 0 = -0.0945
WACC = (3.52 / 189.57) * (100% - 0.6827) * (1 - 0.21) + -0.0945 + 0.6827 = 1.39
Terminal Value = Discount (6.29 * (1 + -0.1016) / (1.39 - -0.1016)) = 45.68
Company Value = ∑ (6.29 / (1 + 1.39) ^ 5) = 37.94
Price = (Terminal Value + Company Value) / Count shares = (45.68 + 37.94) / 177360000 = 471.44