TSE: 6762 - TDK 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 = 65.64
CAGR EPS = -15.48%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 65.64 * (1 + -15.48%) / (0.0433 * 2) = 640.64

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 = 71.6
g = 0.1307
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 = 5.03
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + 5.03 * 5.94 + 0 = 0.3269
Price = (71.6 * (1 + 0.1307)) / (0.3269 - 0.1307) = 412.44

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) = 518.26
Ebitda Yield = 0.0783
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 = 30.22
Debt = 685.74
Market Cap = 1910
Weight Debt = Market Cap / (Market Cap + Debt) = 1910 / (1910 + 685.74) = 0.7358
Weight Cost Debt = 100% - 0.7358 = 0.2642
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 = 5.03
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + 5.03 * 5.94 + 0 = 0.3269
WACC = (30.22 / 685.74) * (100% - 0.7358) * (1 - 0.21) + 0.3269 + 0.7358 = 3.7
Terminal Value = Discount (518.26 * (1 + 0.0783) / (3.7 - 0.0783)) = 11271.44
Company Value = ∑ (518.26 / (1 + 3.7) ^ 5) = 2001.64
Price = (Terminal Value + Company Value) / Count shares = (11271.44 + 2001.64) / 1899610000 = 6987.26

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) = 811.56
FCF Yield = 0.2886
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 = 30.22
Debt = 685.74
Market Cap = 1910
Weight Debt = Market Cap / (Market Cap + Debt) = 1910 / (1910 + 685.74) = 0.7358
Weight Cost Debt = 100% - 0.7358 = 0.2642
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 = 5.03
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + 5.03 * 5.94 + 0 = 0.3269
WACC = (30.22 / 685.74) * (100% - 0.7358) * (1 - 0.21) + 0.3269 + 0.7358 = 3.7
Terminal Value = Discount (811.56 * (1 + 0.2886) / (3.7 - 0.2886)) = 3466.14
Company Value = ∑ (811.56 / (1 + 3.7) ^ 5) = 2296.4
Price = (Terminal Value + Company Value) / Count shares = (3466.14 + 2296.4) / 1899610000 = 3033.54