TSE: 6740 - Japan Display Inc.

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 = -7.16
CAGR EPS = 8.66%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 20.5 + (20.5 * 8.66% / 100) = 22.28

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) = -41.13
Ebitda Yield = 0.0248
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 = 1.4
Debt = 33.5
Market Cap = 200.35
Weight Debt = Market Cap / (Market Cap + Debt) = 200.35 / (200.35 + 33.5) = 0.8567
Weight Cost Debt = 100% - 0.8567 = 0.1433
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) = 3
β = 1.46
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 3 + 1.46 * 5.94 + 0 = 0.1167
WACC = (1.4 / 33.5) * (100% - 0.8567) * (1 - 0.21) + 0.1167 + 0.8567 = 3.37
Terminal Value = Discount (-41.13 * (1 + 0.0248) / (3.37 - 0.0248)) = -4009.85
Company Value = ∑ (-41.13 / (1 + 3.37) ^ 5) = -177.28
Price = (Terminal Value + Company Value) / Count shares = (-4009.85 + -177.28) / 6188720000 = -676.57

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) = -12.78
FCF Yield = -0.155
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 = 1.4
Debt = 33.5
Market Cap = 200.35
Weight Debt = Market Cap / (Market Cap + Debt) = 200.35 / (200.35 + 33.5) = 0.8567
Weight Cost Debt = 100% - 0.8567 = 0.1433
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) = 3
β = 1.46
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 3 + 1.46 * 5.94 + 0 = 0.1167
WACC = (1.4 / 33.5) * (100% - 0.8567) * (1 - 0.21) + 0.1167 + 0.8567 = 3.37
Terminal Value = Discount (-12.78 * (1 + -0.155) / (3.37 - -0.155)) = -48.46
Company Value = ∑ (-12.78 / (1 + 3.37) ^ 5) = -84.35
Price = (Terminal Value + Company Value) / Count shares = (-48.46 + -84.35) / 6188720000 = -21.46