TSE: 6301 - Komatsu 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 = 416.3
CAGR EPS = 20.64%
Key Rate = 0.0458
Excess Key Rate = 2
Price = 4006.5 + (4006.5 * 20.64% / 100) = 4833.63

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 = 178
g = 0.221
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) = 2.6
β = -0.5771
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.6 + -0.5771 * 5.94 + 0 = -0.0083
Price = (178 * (1 + 0.221)) / (-0.0083 - 0.221) = 947.84

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) = 1333.99
Ebitda Yield = 0.1184
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 = 54.51
Debt = 1218.97
Market Cap = 3690
Weight Debt = Market Cap / (Market Cap + Debt) = 3690 / (3690 + 1218.97) = 0.7517
Weight Cost Debt = 100% - 0.7517 = 0.2483
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) = 2.6
β = -0.5771
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.6 + -0.5771 * 5.94 + 0 = -0.0083
WACC = (54.51 / 1218.97) * (100% - 0.7517) * (1 - 0.21) + -0.0083 + 0.7517 = 3.5
Terminal Value = Discount (1333.99 * (1 + 0.1184) / (3.5 - 0.1184)) = 15068.4
Company Value = ∑ (1333.99 / (1 + 3.5) ^ 5) = 4838.88
Price = (Terminal Value + Company Value) / Count shares = (15068.4 + 4838.88) / 944770000 = 21071.03

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) = 423.08
FCF Yield = 0.1278
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 = 54.51
Debt = 1218.97
Market Cap = 3690
Weight Debt = Market Cap / (Market Cap + Debt) = 3690 / (3690 + 1218.97) = 0.7517
Weight Cost Debt = 100% - 0.7517 = 0.2483
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) = 2.6
β = -0.5771
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.6 + -0.5771 * 5.94 + 0 = -0.0083
WACC = (54.51 / 1218.97) * (100% - 0.7517) * (1 - 0.21) + -0.0083 + 0.7517 = 3.5
Terminal Value = Discount (423.08 * (1 + 0.1278) / (3.5 - 0.1278)) = 4327.13
Company Value = ∑ (423.08 / (1 + 3.5) ^ 5) = 1511.03
Price = (Terminal Value + Company Value) / Count shares = (4327.13 + 1511.03) / 944770000 = 6179.45