TSE: 8031 - Mitsui & Co., Ltd.

Price = Avg Price + (Avg Price * CAGR EPS% / 100)
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 = 352.57
CAGR EPS = 9.3%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 2980.5 + (2980.5 * 9.3% / 100) = 3257.76

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 = 92.5
g = 0.1205
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 = 3.27
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + 3.27 * 5.94 + 0 = 0.2223
Price = (92.5 * (1 + 0.1205)) / (0.2223 - 0.1205) = 1018.13

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) = 1758.99
Ebitda Yield = 0.0659
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 = 168.06
Debt = 4776.06
Market Cap = 7970
Weight Debt = Market Cap / (Market Cap + Debt) = 7970 / (7970 + 4776.06) = 0.6253
Weight Cost Debt = 100% - 0.6253 = 0.3747
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 = 3.27
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + 3.27 * 5.94 + 0 = 0.2223
WACC = (168.06 / 4776.06) * (100% - 0.6253) * (1 - 0.21) + 0.2223 + 0.6253 = 2.9
Terminal Value = Discount (1758.99 * (1 + 0.0659) / (2.9 - 0.0659)) = 44019.75
Company Value = ∑ (1758.99 / (1 + 2.9) ^ 5) = 7112.92
Price = (Terminal Value + Company Value) / Count shares = (44019.75 + 7112.92) / 3016960000 = 16948.41

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) = 1156.46
FCF Yield = 0.1521
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 = 168.06
Debt = 4776.06
Market Cap = 7970
Weight Debt = Market Cap / (Market Cap + Debt) = 7970 / (7970 + 4776.06) = 0.6253
Weight Cost Debt = 100% - 0.6253 = 0.3747
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 = 3.27
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + 3.27 * 5.94 + 0 = 0.2223
WACC = (168.06 / 4776.06) * (100% - 0.6253) * (1 - 0.21) + 0.2223 + 0.6253 = 2.9
Terminal Value = Discount (1156.46 * (1 + 0.1521) / (2.9 - 0.1521)) = 9379.63
Company Value = ∑ (1156.46 / (1 + 2.9) ^ 5) = 4049.09
Price = (Terminal Value + Company Value) / Count shares = (9379.63 + 4049.09) / 3016960000 = 4451.07