TSE: 8130 - Sangetsu Corporation

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 = 243.3
CAGR EPS = 59.57%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 3127 + (3127 * 59.57% / 100) = 4989.62

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 = 150
g = 0.2339
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 = -0.5317
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + -0.5317 * 5.94 + 0 = -0.0034
Price = (150 * (1 + 0.2339)) / (-0.0034 - 0.2339) = 780.1

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) = 37.38
Ebitda Yield = 0.0945
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 = 0.269
Debt = 7.48
Market Cap = 151.57
Weight Debt = Market Cap / (Market Cap + Debt) = 151.57 / (151.57 + 7.48) = 0.9529
Weight Cost Debt = 100% - 0.9529 = 0.0471
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 = -0.5317
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + -0.5317 * 5.94 + 0 = -0.0034
WACC = (0.269 / 7.48) * (100% - 0.9529) * (1 - 0.21) + -0.0034 + 0.9529 = 2.81
Terminal Value = Discount (37.38 * (1 + 0.0945) / (2.81 - 0.0945)) = 535.97
Company Value = ∑ (37.38 / (1 + 2.81) ^ 5) = 144.12
Price = (Terminal Value + Company Value) / Count shares = (535.97 + 144.12) / 58740000 = 11577.9

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) = 5.68
FCF Yield = -0.0616
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 = 0.269
Debt = 7.48
Market Cap = 151.57
Weight Debt = Market Cap / (Market Cap + Debt) = 151.57 / (151.57 + 7.48) = 0.9529
Weight Cost Debt = 100% - 0.9529 = 0.0471
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 = -0.5317
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + -0.5317 * 5.94 + 0 = -0.0034
WACC = (0.269 / 7.48) * (100% - 0.9529) * (1 - 0.21) + -0.0034 + 0.9529 = 2.81
Terminal Value = Discount (5.68 * (1 + -0.0616) / (2.81 - -0.0616)) = 51.7
Company Value = ∑ (5.68 / (1 + 2.81) ^ 5) = 29.91
Price = (Terminal Value + Company Value) / Count shares = (51.7 + 29.91) / 58740000 = 1389.4