TSE: 7278 - EXEDY 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 = -213.43
CAGR EPS = -201.48%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 0 + (0 * -201.48% / 100) = 2500.98

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 = 120
g = -0.2007
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 = -3.79
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + -3.79 * 5.94 + 0 = -0.1968
Price = (120 * (1 + -0.2007)) / (-0.1968 - -0.2007) = 24686.7

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) = 2.03
Ebitda Yield = -0.221
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 = 1.16
Debt = 29.98
Market Cap = 116.68
Weight Debt = Market Cap / (Market Cap + Debt) = 116.68 / (116.68 + 29.98) = 0.7956
Weight Cost Debt = 100% - 0.7956 = 0.2044
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 = -3.79
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + -3.79 * 5.94 + 0 = -0.1968
WACC = (1.16 / 29.98) * (100% - 0.7956) * (1 - 0.21) + -0.1968 + 0.7956 = 2.88
Terminal Value = Discount (2.03 * (1 + -0.221) / (2.88 - -0.221)) = 5.49
Company Value = ∑ (2.03 / (1 + 2.88) ^ 5) = 16.56
Price = (Terminal Value + Company Value) / Count shares = (5.49 + 16.56) / 46960000 = 469.36

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) = 66.47
FCF Yield = 0.1876
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 = 1.16
Debt = 29.98
Market Cap = 116.68
Weight Debt = Market Cap / (Market Cap + Debt) = 116.68 / (116.68 + 29.98) = 0.7956
Weight Cost Debt = 100% - 0.7956 = 0.2044
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 = -3.79
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + -3.79 * 5.94 + 0 = -0.1968
WACC = (1.16 / 29.98) * (100% - 0.7956) * (1 - 0.21) + -0.1968 + 0.7956 = 2.88
Terminal Value = Discount (66.47 * (1 + 0.1876) / (2.88 - 0.1876)) = 431.24
Company Value = ∑ (66.47 / (1 + 2.88) ^ 5) = 220.87
Price = (Terminal Value + Company Value) / Count shares = (431.24 + 220.87) / 46960000 = 13886.55