TSE: 6952 - Casio Computer Co.,Ltd.

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 = 50.91
CAGR EPS = -6.76%
Key Rate = 0.0458
Excess Key Rate = 2
Price = 50.91 * (1 + -6.76%) / (0.0458 * 2) = 518.19

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 = 22.5
g = -0.0834
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) = 2.6
β = -0.3158
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.6 + -0.3158 * 5.94 + 0 = 0.0072
Price = (22.5 * (1 + -0.0834)) / (0.0072 - -0.0834) = 227.51

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) = 18.45
Ebitda Yield = -0.0667
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 = 0.342
Debt = 51.9
Market Cap = 282.53
Weight Debt = Market Cap / (Market Cap + Debt) = 282.53 / (282.53 + 51.9) = 0.8448
Weight Cost Debt = 100% - 0.8448 = 0.1552
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) = 2.6
β = -0.3158
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.6 + -0.3158 * 5.94 + 0 = 0.0072
WACC = (0.342 / 51.9) * (100% - 0.8448) * (1 - 0.21) + 0.0072 + 0.8448 = 0.5223
Terminal Value = Discount (18.45 * (1 + -0.0667) / (0.5223 - -0.0667)) = 233.12
Company Value = ∑ (18.45 / (1 + 0.5223) ^ 5) = 104.86
Price = (Terminal Value + Company Value) / Count shares = (233.12 + 104.86) / 239330000 = 1412.19

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) = 18.75
FCF Yield = -0.0186
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 = 0.342
Debt = 51.9
Market Cap = 282.53
Weight Debt = Market Cap / (Market Cap + Debt) = 282.53 / (282.53 + 51.9) = 0.8448
Weight Cost Debt = 100% - 0.8448 = 0.1552
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) = 2.6
β = -0.3158
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.6 + -0.3158 * 5.94 + 0 = 0.0072
WACC = (0.342 / 51.9) * (100% - 0.8448) * (1 - 0.21) + 0.0072 + 0.8448 = 0.5223
Terminal Value = Discount (18.75 * (1 + -0.0186) / (0.5223 - -0.0186)) = 753.03
Company Value = ∑ (18.75 / (1 + 0.5223) ^ 5) = 95.91
Price = (Terminal Value + Company Value) / Count shares = (753.03 + 95.91) / 239330000 = 3547.15