TSE: 6505 - Toyo Denki Seizo K.K.

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 = 99.48
CAGR EPS = -3.83%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 99.48 * (1 + -3.83%) / (0.0433 * 2) = 1104.77

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 = 30
g = 5.57
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 = -3.74
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + -3.74 * 5.94 + 0 = -0.1941
Price = (30 * (1 + 5.57)) / (-0.1941 - 5.57) = 34.19

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) = 1.83
Ebitda Yield = -0.0364
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 = 0.048
Debt = 10.59
Market Cap = 8.56
Weight Debt = Market Cap / (Market Cap + Debt) = 8.56 / (8.56 + 10.59) = 0.447
Weight Cost Debt = 100% - 0.447 = 0.553
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 = -3.74
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + -3.74 * 5.94 + 0 = -0.1941
WACC = (0.048 / 10.59) * (100% - 0.447) * (1 - 0.21) + -0.1941 + 0.447 = 0.2698
Terminal Value = Discount (1.83 * (1 + -0.0364) / (0.2698 - -0.0364)) = 44.55
Company Value = ∑ (1.83 / (1 + 0.2698) ^ 5) = 9.79
Price = (Terminal Value + Company Value) / Count shares = (44.55 + 9.79) / 9400000 = 5780.95

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) = 1.44
FCF Yield = -0.002
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 = 0.048
Debt = 10.59
Market Cap = 8.56
Weight Debt = Market Cap / (Market Cap + Debt) = 8.56 / (8.56 + 10.59) = 0.447
Weight Cost Debt = 100% - 0.447 = 0.553
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 = -3.74
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + -3.74 * 5.94 + 0 = -0.1941
WACC = (0.048 / 10.59) * (100% - 0.447) * (1 - 0.21) + -0.1941 + 0.447 = 0.2698
Terminal Value = Discount (1.44 * (1 + -0.002) / (0.2698 - -0.002)) = 303.39
Company Value = ∑ (1.44 / (1 + 0.2698) ^ 5) = 7.16
Price = (Terminal Value + Company Value) / Count shares = (303.39 + 7.16) / 9400000 = 33036.64