TSE: 7011 - Mitsubishi Heavy Industries, 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 = 66.04
CAGR EPS = -23.92%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 66.04 * (1 + -23.92%) / (0.0433 * 2) = 580.2

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 = 23
g = 0.1298
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 = 4.47
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.75 + 4.47 * 5.94 + 0 = 0.293
Price = (23 * (1 + 0.1298)) / (0.293 - 0.1298) = 159.23

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) = 695.58
Ebitda Yield = 0.0761
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 = 17.3
Debt = 1142.96
Market Cap = 2540
Weight Debt = Market Cap / (Market Cap + Debt) = 2540 / (2540 + 1142.96) = 0.6897
Weight Cost Debt = 100% - 0.6897 = 0.3103
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 = 4.47
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.75 + 4.47 * 5.94 + 0 = 0.293
WACC = (17.3 / 1142.96) * (100% - 0.6897) * (1 - 0.21) + 0.293 + 0.6897 = 1.39
Terminal Value = Discount (695.58 * (1 + 0.0761) / (1.39 - 0.0761)) = 11231.71
Company Value = ∑ (695.58 / (1 + 1.39) ^ 5) = 2891.85
Price = (Terminal Value + Company Value) / Count shares = (11231.71 + 2891.85) / 3359910000 = 4203.55

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) = 146.8
FCF Yield = -0.0297
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 = 17.3
Debt = 1142.96
Market Cap = 2540
Weight Debt = Market Cap / (Market Cap + Debt) = 2540 / (2540 + 1142.96) = 0.6897
Weight Cost Debt = 100% - 0.6897 = 0.3103
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 = 4.47
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.75 + 4.47 * 5.94 + 0 = 0.293
WACC = (17.3 / 1142.96) * (100% - 0.6897) * (1 - 0.21) + 0.293 + 0.6897 = 1.39
Terminal Value = Discount (146.8 * (1 + -0.0297) / (1.39 - -0.0297)) = 3048.19
Company Value = ∑ (146.8 / (1 + 1.39) ^ 5) = 749.48
Price = (Terminal Value + Company Value) / Count shares = (3048.19 + 749.48) / 3359910000 = 1130.29