TSE: 6875 - MegaChips 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 = 242.3
CAGR EPS = 37.36%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 242.3 * (1 + 37.36%) / (0.0433 * 2) = 3843.32

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 = 60
g = 1.05
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 = 8.09
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.75 + 8.09 * 5.94 + 0 = 0.5081
Price = (60 * (1 + 1.05)) / (0.5081 - 1.05) = 227.32

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) = 13.16
Ebitda Yield = 0.0672
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 = 0.0044
Debt = 4
Market Cap = 69.01
Weight Debt = Market Cap / (Market Cap + Debt) = 69.01 / (69.01 + 4) = 0.9452
Weight Cost Debt = 100% - 0.9452 = 0.0548
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 = 8.09
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.75 + 8.09 * 5.94 + 0 = 0.5081
WACC = (0.0044 / 4) * (100% - 0.9452) * (1 - 0.21) + 0.5081 + 0.9452 = 0.5656
Terminal Value = Discount (13.16 * (1 + 0.0672) / (0.5656 - 0.0672)) = 221.76
Company Value = ∑ (13.16 / (1 + 0.5656) ^ 5) = 57.01
Price = (Terminal Value + Company Value) / Count shares = (221.76 + 57.01) / 19180000 = 14534.28

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 FCF(5) * (1 + FCF Yield) / (WACC - FCF Yield)
Company Value = ∑ (Discount FCF / (1 + WACC) ^ 5)
Discount FCF(5) = 2.51
FCF Yield = -0.1867
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 = 0.0044
Debt = 4
Market Cap = 69.01
Weight Debt = Market Cap / (Market Cap + Debt) = 69.01 / (69.01 + 4) = 0.9452
Weight Cost Debt = 100% - 0.9452 = 0.0548
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 = 8.09
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.75 + 8.09 * 5.94 + 0 = 0.5081
WACC = (0.0044 / 4) * (100% - 0.9452) * (1 - 0.21) + 0.5081 + 0.9452 = 0.5656
Terminal Value = Discount (2.51 * (1 + -0.1867) / (0.5656 - -0.1867)) = 10.31
Company Value = ∑ (2.51 / (1 + 0.5656) ^ 5) = 19.49
Price = (Terminal Value + Company Value) / Count shares = (10.31 + 19.49) / 19180000 = 1553.91