TSE: 6967 - Shinko Electric Industries 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 = 137.73
CAGR EPS = 47.23%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 137.73 * (1 + 47.23%) / (0.0433 * 2) = 2341.5

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 = 25
g = 0.5438
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 = -0.8187
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + -0.8187 * 5.94 + 0 = -0.0204
Price = (25 * (1 + 0.5438)) / (-0.0204 - 0.5438) = 68.4

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) = 119.28
Ebitda Yield = 0.1786
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 = 0.067
Debt = 30
Market Cap = 773.35
Weight Debt = Market Cap / (Market Cap + Debt) = 773.35 / (773.35 + 30) = 0.9627
Weight Cost Debt = 100% - 0.9627 = 0.0373
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 = -0.8187
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + -0.8187 * 5.94 + 0 = -0.0204
WACC = (0.067 / 30) * (100% - 0.9627) * (1 - 0.21) + -0.0204 + 0.9627 = 0.1551
Terminal Value = Discount (119.28 * (1 + 0.1786) / (0.1551 - 0.1786)) = 787.93
Company Value = ∑ (119.28 / (1 + 0.1551) ^ 5) = 438.77
Price = (Terminal Value + Company Value) / Count shares = (787.93 + 438.77) / 135110000 = 9079.25

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) = -31.18
FCF Yield = 0.0294
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 = 0.067
Debt = 30
Market Cap = 773.35
Weight Debt = Market Cap / (Market Cap + Debt) = 773.35 / (773.35 + 30) = 0.9627
Weight Cost Debt = 100% - 0.9627 = 0.0373
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 = -0.8187
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + -0.8187 * 5.94 + 0 = -0.0204
WACC = (0.067 / 30) * (100% - 0.9627) * (1 - 0.21) + -0.0204 + 0.9627 = 0.1551
Terminal Value = Discount (-31.18 * (1 + 0.0294) / (0.1551 - 0.0294)) = -1142.15
Company Value = ∑ (-31.18 / (1 + 0.1551) ^ 5) = -146.52
Price = (Terminal Value + Company Value) / Count shares = (-1142.15 + -146.52) / 135110000 = -9537.98