TSE: 7261 - Mazda Motor Corporation

Price = Avg Price + (Avg Price * CAGR EPS% / 100)
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 = 329.38
CAGR EPS = 76.46%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 1393.5 + (1393.5 * 76.46% / 100) = 2459.01

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 = 55
g = 0.2793
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) = 3
β = 1.44
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 3 + 1.44 * 5.94 + 0 = 0.1155
Price = (55 * (1 + 0.2793)) / (0.1155 - 0.2793) = 429.56

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) = 742.17
Ebitda Yield = 0.1532
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 = 7.84
Debt = 575.79
Market Cap = 913.76
Weight Debt = Market Cap / (Market Cap + Debt) = 913.76 / (913.76 + 575.79) = 0.6134
Weight Cost Debt = 100% - 0.6134 = 0.3866
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) = 3
β = 1.44
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 3 + 1.44 * 5.94 + 0 = 0.1155
WACC = (7.84 / 575.79) * (100% - 0.6134) * (1 - 0.21) + 0.1155 + 0.6134 = 1.14
Terminal Value = Discount (742.17 * (1 + 0.1532) / (1.14 - 0.1532)) = 5702.08
Company Value = ∑ (742.17 / (1 + 1.14) ^ 5) = 2743.65
Price = (Terminal Value + Company Value) / Count shares = (5702.08 + 2743.65) / 630570000 = 13393.8

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) = 1234.38
FCF Yield = 0.3238
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 = 7.84
Debt = 575.79
Market Cap = 913.76
Weight Debt = Market Cap / (Market Cap + Debt) = 913.76 / (913.76 + 575.79) = 0.6134
Weight Cost Debt = 100% - 0.6134 = 0.3866
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) = 3
β = 1.44
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 3 + 1.44 * 5.94 + 0 = 0.1155
WACC = (7.84 / 575.79) * (100% - 0.6134) * (1 - 0.21) + 0.1155 + 0.6134 = 1.14
Terminal Value = Discount (1234.38 * (1 + 0.3238) / (1.14 - 0.3238)) = 4942.8
Company Value = ∑ (1234.38 / (1 + 1.14) ^ 5) = 3656.01
Price = (Terminal Value + Company Value) / Count shares = (4942.8 + 3656.01) / 630570000 = 13636.57