TSE: 7984 - Kokuyo 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 = 165.59
CAGR EPS = 5.06%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 165.59 * (1 + 5.06%) / (0.0433 * 2) = 2008.88

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 = 76
g = 0.1143
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) = 2.89
β = 0.9522
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.89 + 0.9522 * 5.94 + 0 = 0.0855
Price = (76 * (1 + 0.1143)) / (0.0855 - 0.1143) = 2938.35

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) = 49.14
Ebitda Yield = 0.0637
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 = 0.194
Debt = 11.94
Market Cap = 234.87
Weight Debt = Market Cap / (Market Cap + Debt) = 234.87 / (234.87 + 11.94) = 0.9516
Weight Cost Debt = 100% - 0.9516 = 0.0484
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) = 2.89
β = 0.9522
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.89 + 0.9522 * 5.94 + 0 = 0.0855
WACC = (0.194 / 11.94) * (100% - 0.9516) * (1 - 0.21) + 0.0855 + 0.9516 = 1.35
Terminal Value = Discount (49.14 * (1 + 0.0637) / (1.35 - 0.0637)) = 973.28
Company Value = ∑ (49.14 / (1 + 1.35) ^ 5) = 209.04
Price = (Terminal Value + Company Value) / Count shares = (973.28 + 209.04) / 115160000 = 10266.76

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) = 57.71
FCF Yield = 0.1524
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 = 0.194
Debt = 11.94
Market Cap = 234.87
Weight Debt = Market Cap / (Market Cap + Debt) = 234.87 / (234.87 + 11.94) = 0.9516
Weight Cost Debt = 100% - 0.9516 = 0.0484
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) = 2.89
β = 0.9522
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.89 + 0.9522 * 5.94 + 0 = 0.0855
WACC = (0.194 / 11.94) * (100% - 0.9516) * (1 - 0.21) + 0.0855 + 0.9516 = 1.35
Terminal Value = Discount (57.71 * (1 + 0.1524) / (1.35 - 0.1524)) = 447.68
Company Value = ∑ (57.71 / (1 + 1.35) ^ 5) = 212.13
Price = (Terminal Value + Company Value) / Count shares = (447.68 + 212.13) / 115160000 = 5729.53