TSE: 6753 - Sharp Corporation

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 = -231
CAGR EPS = 9.16%
Key Rate = 0.0458
Excess Key Rate = 2
Price = 986.25 + (986.25 * 9.16% / 100) = 1076.59

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) = 16.08
Ebitda Yield = -0.1701
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 = 10.8
Debt = 589.86
Market Cap = 522.28
Weight Debt = Market Cap / (Market Cap + Debt) = 522.28 / (522.28 + 589.86) = 0.4696
Weight Cost Debt = 100% - 0.4696 = 0.5304
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 = 0.1306
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.75 + 0.1306 * 5.94 + 0 = 0.0353
WACC = (10.8 / 589.86) * (100% - 0.4696) * (1 - 0.21) + 0.0353 + 0.4696 = 1.46
Terminal Value = Discount (16.08 * (1 + -0.1701) / (1.46 - -0.1701)) = 67.22
Company Value = ∑ (16.08 / (1 + 1.46) ^ 5) = 116.33
Price = (Terminal Value + Company Value) / Count shares = (67.22 + 116.33) / 640400000 = 286.62

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) = 261.94
FCF Yield = 0.295
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 = 10.8
Debt = 589.86
Market Cap = 522.28
Weight Debt = Market Cap / (Market Cap + Debt) = 522.28 / (522.28 + 589.86) = 0.4696
Weight Cost Debt = 100% - 0.4696 = 0.5304
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 = 0.1306
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.75 + 0.1306 * 5.94 + 0 = 0.0353
WACC = (10.8 / 589.86) * (100% - 0.4696) * (1 - 0.21) + 0.0353 + 0.4696 = 1.46
Terminal Value = Discount (261.94 * (1 + 0.295) / (1.46 - 0.295)) = 1125.24
Company Value = ∑ (261.94 / (1 + 1.46) ^ 5) = 793.11
Price = (Terminal Value + Company Value) / Count shares = (1125.24 + 793.11) / 640400000 = 2995.55