TSE: 6501 - Hitachi, 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 = 126.75
CAGR EPS = -1.02%
Key Rate = 0.0458
Excess Key Rate = 2
Price = 126.75 * (1 + -1.02%) / (0.0458 * 2) = 1369.57

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 = 20
g = 0.2561
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 = 20.15
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.6 + 20.15 * 5.94 + 0 = 1.22
Price = (20 * (1 + 0.2561)) / (1.22 - 0.2561) = 25.99

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) = 2025.45
Ebitda Yield = 0.109
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 = 70.92
Debt = 1180.02
Market Cap = 8500
Weight Debt = Market Cap / (Market Cap + Debt) = 8500 / (8500 + 1180.02) = 0.8781
Weight Cost Debt = 100% - 0.8781 = 0.1219
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 = 20.15
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.6 + 20.15 * 5.94 + 0 = 1.22
WACC = (70.92 / 1180.02) * (100% - 0.8781) * (1 - 0.21) + 1.22 + 0.8781 = 5.78
Terminal Value = Discount (2025.45 * (1 + 0.109) / (5.78 - 0.109)) = 33115.18
Company Value = ∑ (2025.45 / (1 + 5.78) ^ 5) = 6972.27
Price = (Terminal Value + Company Value) / Count shares = (33115.18 + 6972.27) / 949160000 = 42234.66

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) = 1817.99
FCF Yield = 0.2604
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 = 70.92
Debt = 1180.02
Market Cap = 8500
Weight Debt = Market Cap / (Market Cap + Debt) = 8500 / (8500 + 1180.02) = 0.8781
Weight Cost Debt = 100% - 0.8781 = 0.1219
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 = 20.15
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.6 + 20.15 * 5.94 + 0 = 1.22
WACC = (70.92 / 1180.02) * (100% - 0.8781) * (1 - 0.21) + 1.22 + 0.8781 = 5.78
Terminal Value = Discount (1817.99 * (1 + 0.2604) / (5.78 - 0.2604)) = 8538.5
Company Value = ∑ (1817.99 / (1 + 5.78) ^ 5) = 4983.83
Price = (Terminal Value + Company Value) / Count shares = (8538.5 + 4983.83) / 949160000 = 14246.63