TSE: 8001 - ITOCHU 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 = 553
CAGR EPS = 10.51%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 553 * (1 + 10.51%) / (0.0433 * 2) = 7056.59

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 = 372
g = 0.0317
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) = 2.75
β = 2.7
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.75 + 2.7 * 5.94 + 0 = 0.188
Price = (372 * (1 + 0.0317)) / (0.188 - 0.0317) = 2456.05

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) = 1418.89
Ebitda Yield = 0.0192
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 = 100.64
Debt = 4396.18
Market Cap = 7940
Weight Debt = Market Cap / (Market Cap + Debt) = 7940 / (7940 + 4396.18) = 0.6436
Weight Cost Debt = 100% - 0.6436 = 0.3564
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) = 2.75
β = 2.7
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.75 + 2.7 * 5.94 + 0 = 0.188
WACC = (100.64 / 4396.18) * (100% - 0.6436) * (1 - 0.21) + 0.188 + 0.6436 = 1.92
Terminal Value = Discount (1418.89 * (1 + 0.0192) / (1.92 - 0.0192)) = 31854516.79
Company Value = ∑ (1418.89 / (1 + 1.92) ^ 5) = 6451.04
Price = (Terminal Value + Company Value) / Count shares = (31854516.79 + 6451.04) / 1465870000 = 21735193.32

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 FCF(5) * (1 + FCF Yield) / (WACC - FCF Yield)
Company Value = ∑ (Discount FCF / (1 + WACC) ^ 5)
Discount FCF(5) = 863.25
FCF Yield = 0.0217
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 = 100.64
Debt = 4396.18
Market Cap = 7940
Weight Debt = Market Cap / (Market Cap + Debt) = 7940 / (7940 + 4396.18) = 0.6436
Weight Cost Debt = 100% - 0.6436 = 0.3564
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) = 2.75
β = 2.7
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.75 + 2.7 * 5.94 + 0 = 0.188
WACC = (100.64 / 4396.18) * (100% - 0.6436) * (1 - 0.21) + 0.188 + 0.6436 = 1.92
Terminal Value = Discount (863.25 * (1 + 0.0217) / (1.92 - 0.0217)) = 323850.77
Company Value = ∑ (863.25 / (1 + 1.92) ^ 5) = 3906.17
Price = (Terminal Value + Company Value) / Count shares = (323850.77 + 3906.17) / 1465870000 = 223592.09