TSE: 6367 - Daikin Industries,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 = 888.64
CAGR EPS = 8.79%
Key Rate = 0.0458
Excess Key Rate = 2
Price = 888.64 * (1 + 8.79%) / (0.0458 * 2) = 10553.79

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 = 180
g = 0.1273
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 = -1.66
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.75 + -1.66 * 5.94 + 0 = -0.0714
Price = (180 * (1 + 0.1273)) / (-0.0714 - 0.1273) = 1021.36

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) = 934.52
Ebitda Yield = 0.0767
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 = 44.9
Debt = 968.19
Market Cap = 7000
Weight Debt = Market Cap / (Market Cap + Debt) = 7000 / (7000 + 968.19) = 0.8785
Weight Cost Debt = 100% - 0.8785 = 0.1215
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 = -1.66
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.75 + -1.66 * 5.94 + 0 = -0.0714
WACC = (44.9 / 968.19) * (100% - 0.8785) * (1 - 0.21) + -0.0714 + 0.8785 = 3.57
Terminal Value = Discount (934.52 * (1 + 0.0767) / (3.57 - 0.0767)) = 20578.27
Company Value = ∑ (934.52 / (1 + 3.57) ^ 5) = 3633.46
Price = (Terminal Value + Company Value) / Count shares = (20578.27 + 3633.46) / 292890000 = 82664.91

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) = 127.34
FCF Yield = -0.0409
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 = 44.9
Debt = 968.19
Market Cap = 7000
Weight Debt = Market Cap / (Market Cap + Debt) = 7000 / (7000 + 968.19) = 0.8785
Weight Cost Debt = 100% - 0.8785 = 0.1215
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 = -1.66
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.75 + -1.66 * 5.94 + 0 = -0.0714
WACC = (44.9 / 968.19) * (100% - 0.8785) * (1 - 0.21) + -0.0714 + 0.8785 = 3.57
Terminal Value = Discount (127.34 * (1 + -0.0409) / (3.57 - -0.0409)) = 1337.46
Company Value = ∑ (127.34 / (1 + 3.57) ^ 5) = 626.76
Price = (Terminal Value + Company Value) / Count shares = (1337.46 + 626.76) / 292890000 = 6706.36