TSE: 7600 - Japan Medical Dynamic Marketing, INC.

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 = 48.31
CAGR EPS = -10.04%
Key Rate = 0.0458
Excess Key Rate = 2
Price = 48.31 * (1 + -10.04%) / (0.0458 * 2) = 474.44

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 = 14
g = -0.0416
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) = 2.6
β = 1.28
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.6 + 1.28 * 5.94 + 0 = 0.1021
Price = (14 * (1 + -0.0416)) / (0.1021 - -0.0416) = 93.32

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) = 2.87
Ebitda Yield = -0.0302
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 = 0.0318
Debt = 1.46
Market Cap = 26.73
Weight Debt = Market Cap / (Market Cap + Debt) = 26.73 / (26.73 + 1.46) = 0.9482
Weight Cost Debt = 100% - 0.9482 = 0.0518
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) = 2.6
β = 1.28
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.6 + 1.28 * 5.94 + 0 = 0.1021
WACC = (0.0318 / 1.46) * (100% - 0.9482) * (1 - 0.21) + 0.1021 + 0.9482 = 1.8
Terminal Value = Discount (2.87 * (1 + -0.0302) / (1.8 - -0.0302)) = 52.82
Company Value = ∑ (2.87 / (1 + 1.8) ^ 5) = 14.48
Price = (Terminal Value + Company Value) / Count shares = (52.82 + 14.48) / 26350000 = 2554.29

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) = 0.1242
FCF Yield = -0.1631
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 = 0.0318
Debt = 1.46
Market Cap = 26.73
Weight Debt = Market Cap / (Market Cap + Debt) = 26.73 / (26.73 + 1.46) = 0.9482
Weight Cost Debt = 100% - 0.9482 = 0.0518
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) = 2.6
β = 1.28
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.6 + 1.28 * 5.94 + 0 = 0.1021
WACC = (0.0318 / 1.46) * (100% - 0.9482) * (1 - 0.21) + 0.1021 + 0.9482 = 1.8
Terminal Value = Discount (0.1242 * (1 + -0.1631) / (1.8 - -0.1631)) = 0.5249
Company Value = ∑ (0.1242 / (1 + 1.8) ^ 5) = 0.8729
Price = (Terminal Value + Company Value) / Count shares = (0.5249 + 0.8729) / 26350000 = 53.05