TSE: 7692 - Earth Infinity Co.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 = 1.36
CAGR EPS = -17.26%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 1.36 * (1 + -17.26%) / (0.0433 * 2) = 13.04

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 = 1.3
g = -1.66
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 = -4.71
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + -4.71 * 5.94 + 0 = -0.2516
Price = (1.3 * (1 + -1.66)) / (-0.2516 - -1.66) = -0.6076

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) = 0.1594
Ebitda Yield = -0.1041
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 = 0.0059
Debt = 0.886
Market Cap = 21.92
Weight Debt = Market Cap / (Market Cap + Debt) = 21.92 / (21.92 + 0.886) = 0.9612
Weight Cost Debt = 100% - 0.9612 = 0.0388
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 = -4.71
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + -4.71 * 5.94 + 0 = -0.2516
WACC = (0.0059 / 0.886) * (100% - 0.9612) * (1 - 0.21) + -0.2516 + 0.9612 = 0.2794
Terminal Value = Discount (0.1594 * (1 + -0.1041) / (0.2794 - -0.1041)) = 1.32
Company Value = ∑ (0.1594 / (1 + 0.2794) ^ 5) = 0.9974
Price = (Terminal Value + Company Value) / Count shares = (1.32 + 0.9974) / 110130000 = 21.02

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) = 0.0151
FCF Yield = -0.2691
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 = 0.0059
Debt = 0.886
Market Cap = 21.92
Weight Debt = Market Cap / (Market Cap + Debt) = 21.92 / (21.92 + 0.886) = 0.9612
Weight Cost Debt = 100% - 0.9612 = 0.0388
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 = -4.71
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + -4.71 * 5.94 + 0 = -0.2516
WACC = (0.0059 / 0.886) * (100% - 0.9612) * (1 - 0.21) + -0.2516 + 0.9612 = 0.2794
Terminal Value = Discount (0.0151 * (1 + -0.2691) / (0.2794 - -0.2691)) = 0.04
Company Value = ∑ (0.0151 / (1 + 0.2794) ^ 5) = 0.1545
Price = (Terminal Value + Company Value) / Count shares = (0.04 + 0.1545) / 110130000 = 1.77