TSE: 6185 - SMN 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 = -70.79
CAGR EPS = 9.16%
Key Rate = 0.0458
Excess Key Rate = 2
Price = 333.5 + (333.5 * 9.16% / 100) = 364.05

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) = 0.7374
Ebitda Yield = -0.047
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 = 0.0088
Debt = 1.25
Market Cap = 6.51
Weight Debt = Market Cap / (Market Cap + Debt) = 6.51 / (6.51 + 1.25) = 0.8387
Weight Cost Debt = 100% - 0.8387 = 0.1613
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 = -0.5736
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.75 + -0.5736 * 5.94 + 0 = -0.0066
WACC = (0.0088 / 1.25) * (100% - 0.8387) * (1 - 0.21) + -0.0066 + 0.8387 = 0.5428
Terminal Value = Discount (0.7374 * (1 + -0.047) / (0.5428 - -0.047)) = 13.04
Company Value = ∑ (0.7374 / (1 + 0.5428) ^ 5) = 4.01
Price = (Terminal Value + Company Value) / Count shares = (13.04 + 4.01) / 14110000 = 1208.07

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) = 0.0124
FCF Yield = -0.2617
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 = 0.0088
Debt = 1.25
Market Cap = 6.51
Weight Debt = Market Cap / (Market Cap + Debt) = 6.51 / (6.51 + 1.25) = 0.8387
Weight Cost Debt = 100% - 0.8387 = 0.1613
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 = -0.5736
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.75 + -0.5736 * 5.94 + 0 = -0.0066
WACC = (0.0088 / 1.25) * (100% - 0.8387) * (1 - 0.21) + -0.0066 + 0.8387 = 0.5428
Terminal Value = Discount (0.0124 * (1 + -0.2617) / (0.5428 - -0.2617)) = 0.0334
Company Value = ∑ (0.0124 / (1 + 0.5428) ^ 5) = 0.1232
Price = (Terminal Value + Company Value) / Count shares = (0.0334 + 0.1232) / 14110000 = 11.1