TSE: 7554 - Kourakuen Holdings Corporation

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 = 6.08
CAGR EPS = 16.38%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 6.08 * (1 + 16.38%) / (0.0433 * 2) = 81.73

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) = 0.5885
Ebitda Yield = -0.1083
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 = 0.0845
Debt = 4.3
Market Cap = 15.2
Weight Debt = Market Cap / (Market Cap + Debt) = 15.2 / (15.2 + 4.3) = 0.7796
Weight Cost Debt = 100% - 0.7796 = 0.2204
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 = -0.0973
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 3 + -0.0973 * 5.94 + 0 = 0.0242
WACC = (0.0845 / 4.3) * (100% - 0.7796) * (1 - 0.21) + 0.0242 + 0.7796 = 1.56
Terminal Value = Discount (0.5885 * (1 + -0.1083) / (1.56 - -0.1083)) = 3.92
Company Value = ∑ (0.5885 / (1 + 1.56) ^ 5) = 3.59
Price = (Terminal Value + Company Value) / Count shares = (3.92 + 3.59) / 15500000 = 484.69

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) = 4.1
FCF Yield = 0.4288
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 = 0.0845
Debt = 4.3
Market Cap = 15.2
Weight Debt = Market Cap / (Market Cap + Debt) = 15.2 / (15.2 + 4.3) = 0.7796
Weight Cost Debt = 100% - 0.7796 = 0.2204
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 = -0.0973
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 3 + -0.0973 * 5.94 + 0 = 0.0242
WACC = (0.0845 / 4.3) * (100% - 0.7796) * (1 - 0.21) + 0.0242 + 0.7796 = 1.56
Terminal Value = Discount (4.1 * (1 + 0.4288) / (1.56 - 0.4288)) = 13.13
Company Value = ∑ (4.1 / (1 + 1.56) ^ 5) = 10.75
Price = (Terminal Value + Company Value) / Count shares = (13.13 + 10.75) / 15500000 = 1540.7