TSE: 8252 - Marui Group 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 = 130.7
CAGR EPS = 2.14%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 130.7 * (1 + 2.14%) / (0.0433 * 2) = 1541.48

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 = 104
g = 0.1051
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 = 1.07
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.89 + 1.07 * 5.94 + 0 = 0.0927
Price = (104 * (1 + 0.1051)) / (0.0927 - 0.1051) = 9245.33

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) = 52.75
Ebitda Yield = 0.0031
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 = 1.87
Debt = 594.36
Market Cap = 464.94
Weight Debt = Market Cap / (Market Cap + Debt) = 464.94 / (464.94 + 594.36) = 0.4389
Weight Cost Debt = 100% - 0.4389 = 0.5611
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 = 1.07
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.89 + 1.07 * 5.94 + 0 = 0.0927
WACC = (1.87 / 594.36) * (100% - 0.4389) * (1 - 0.21) + 0.0927 + 0.4389 = 0.2876
Terminal Value = Discount (52.75 * (1 + 0.0031) / (0.2876 - 0.0031)) = 225653.63
Company Value = ∑ (52.75 / (1 + 0.2876) ^ 5) = 259.86
Price = (Terminal Value + Company Value) / Count shares = (225653.63 + 259.86) / 188740000 = 1196956.12

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) = 15.12
FCF Yield = -0.0822
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 = 1.87
Debt = 594.36
Market Cap = 464.94
Weight Debt = Market Cap / (Market Cap + Debt) = 464.94 / (464.94 + 594.36) = 0.4389
Weight Cost Debt = 100% - 0.4389 = 0.5611
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 = 1.07
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.89 + 1.07 * 5.94 + 0 = 0.0927
WACC = (1.87 / 594.36) * (100% - 0.4389) * (1 - 0.21) + 0.0927 + 0.4389 = 0.2876
Terminal Value = Discount (15.12 * (1 + -0.0822) / (0.2876 - -0.0822)) = 160.86
Company Value = ∑ (15.12 / (1 + 0.2876) ^ 5) = 89.68
Price = (Terminal Value + Company Value) / Count shares = (160.86 + 89.68) / 188740000 = 1327.43