TSE: 8182 - Inageya 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 = 10.72
CAGR EPS = -6.22%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 10.72 * (1 + -6.22%) / (0.0433 * 2) = 116.13

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 = 15
g = 0.1367
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 = -1.07
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + -1.07 * 5.94 + 0 = -0.0355
Price = (15 * (1 + 0.1367)) / (-0.0355 - 0.1367) = 98.99

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) = 6.16
Ebitda Yield = 0.0023
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 = 0.066
Debt = 7.5
Market Cap = 71.98
Weight Debt = Market Cap / (Market Cap + Debt) = 71.98 / (71.98 + 7.5) = 0.9056
Weight Cost Debt = 100% - 0.9056 = 0.0944
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 = -1.07
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + -1.07 * 5.94 + 0 = -0.0355
WACC = (0.066 / 7.5) * (100% - 0.9056) * (1 - 0.21) + -0.0355 + 0.9056 = 0.6566
Terminal Value = Discount (6.16 * (1 + 0.0023) / (0.6566 - 0.0023)) = 1393.19
Company Value = ∑ (6.16 / (1 + 0.6566) ^ 5) = 30.04
Price = (Terminal Value + Company Value) / Count shares = (1393.19 + 30.04) / 46350000 = 30706.31

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) = 6.78
FCF Yield = 0.2184
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 = 0.066
Debt = 7.5
Market Cap = 71.98
Weight Debt = Market Cap / (Market Cap + Debt) = 71.98 / (71.98 + 7.5) = 0.9056
Weight Cost Debt = 100% - 0.9056 = 0.0944
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 = -1.07
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + -1.07 * 5.94 + 0 = -0.0355
WACC = (0.066 / 7.5) * (100% - 0.9056) * (1 - 0.21) + -0.0355 + 0.9056 = 0.6566
Terminal Value = Discount (6.78 * (1 + 0.2184) / (0.6566 - 0.2184)) = 37.75
Company Value = ∑ (6.78 / (1 + 0.6566) ^ 5) = 23.23
Price = (Terminal Value + Company Value) / Count shares = (37.75 + 23.23) / 46350000 = 1315.69