TSE: 6701 - NEC Corporation

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 = 561.25
CAGR EPS = 7.83%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 561.25 * (1 + 7.83%) / (0.0433 * 2) = 6988.43

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 = 130
g = 0.055
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) = 2.89
β = 0.9265
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.89 + 0.9265 * 5.94 + 0 = 0.0839
Price = (130 * (1 + 0.055)) / (0.0839 - 0.055) = 4745.75

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) = 443.29
Ebitda Yield = 0.0336
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 = 18.07
Debt = 548.64
Market Cap = 1830
Weight Debt = Market Cap / (Market Cap + Debt) = 1830 / (1830 + 548.64) = 0.7693
Weight Cost Debt = 100% - 0.7693 = 0.2307
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) = 2.89
β = 0.9265
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.89 + 0.9265 * 5.94 + 0 = 0.0839
WACC = (18.07 / 548.64) * (100% - 0.7693) * (1 - 0.21) + 0.0839 + 0.7693 = 2.65
Terminal Value = Discount (443.29 * (1 + 0.0336) / (2.65 - 0.0336)) = 56095.69
Company Value = ∑ (443.29 / (1 + 2.65) ^ 5) = 1918.28
Price = (Terminal Value + Company Value) / Count shares = (56095.69 + 1918.28) / 266400000 = 217770.18

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) = 170.5
FCF Yield = -0.0011
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 = 18.07
Debt = 548.64
Market Cap = 1830
Weight Debt = Market Cap / (Market Cap + Debt) = 1830 / (1830 + 548.64) = 0.7693
Weight Cost Debt = 100% - 0.7693 = 0.2307
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) = 2.89
β = 0.9265
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.89 + 0.9265 * 5.94 + 0 = 0.0839
WACC = (18.07 / 548.64) * (100% - 0.7693) * (1 - 0.21) + 0.0839 + 0.7693 = 2.65
Terminal Value = Discount (170.5 * (1 + -0.0011) / (2.65 - -0.0011)) = 5416.77
Company Value = ∑ (170.5 / (1 + 2.65) ^ 5) = 790.6
Price = (Terminal Value + Company Value) / Count shares = (5416.77 + 790.6) / 266400000 = 23300.96