TSE: 7205 - Hino Motors, 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 = 29.77
CAGR EPS = -11.5%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 29.77 * (1 + -11.5%) / (0.0433 * 2) = 304.21

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) = 108.86
Ebitda Yield = -0.0042
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 = 11.61
Debt = 389.68
Market Cap = 362.44
Weight Debt = Market Cap / (Market Cap + Debt) = 362.44 / (362.44 + 389.68) = 0.4819
Weight Cost Debt = 100% - 0.4819 = 0.5181
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 = 1.23
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + 1.23 * 5.94 + 0 = 0.1012
WACC = (11.61 / 389.68) * (100% - 0.4819) * (1 - 0.21) + 0.1012 + 0.4819 = 2.39
Terminal Value = Discount (108.86 * (1 + -0.0042) / (2.39 - -0.0042)) = 3427.51
Company Value = ∑ (108.86 / (1 + 2.39) ^ 5) = 511.75
Price = (Terminal Value + Company Value) / Count shares = (3427.51 + 511.75) / 574030000 = 6862.46

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) = 180.37
FCF Yield = -1.99
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 = 11.61
Debt = 389.68
Market Cap = 362.44
Weight Debt = Market Cap / (Market Cap + Debt) = 362.44 / (362.44 + 389.68) = 0.4819
Weight Cost Debt = 100% - 0.4819 = 0.5181
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 = 1.23
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + 1.23 * 5.94 + 0 = 0.1012
WACC = (11.61 / 389.68) * (100% - 0.4819) * (1 - 0.21) + 0.1012 + 0.4819 = 2.39
Terminal Value = Discount (180.37 * (1 + -1.99) / (2.39 - -1.99)) = -78.93
Company Value = ∑ (180.37 / (1 + 2.39) ^ 5) = 170.64
Price = (Terminal Value + Company Value) / Count shares = (-78.93 + 170.64) / 574030000 = 159.76