TSE: 8301 - Bank of Japan

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 = 2287220.82
CAGR EPS = 12.04%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 29400 + (29400 * 12.04% / 100) = 32940.98

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) = 5933.41
Ebitda Yield = 0.1395
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 = 176.95
Debt = 120889.78
Market Cap = 0
Weight Debt = Market Cap / (Market Cap + Debt) = 0 / (0 + 120889.78) = 0
Weight Cost Debt = 100% - 0 = 1
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) = 3
β = 0.0831
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 3 + 0.0831 * 5.94 + 0 = 0.0349
WACC = (176.95 / 120889.78) * (100% - 0) * (1 - 0.21) + 0.0349 + 0 = 0.1156
Terminal Value = Discount (5933.41 * (1 + 0.1395) / (0.1156 - 0.1395)) = 48585.05
Company Value = ∑ (5933.41 / (1 + 0.1156) ^ 5) = 23151.44
Price = (Terminal Value + Company Value) / Count shares = (48585.05 + 23151.44) / 1000000 = 71736492.78

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) = 10935.46
FCF Yield = 0.1765
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 = 176.95
Debt = 120889.78
Market Cap = 0
Weight Debt = Market Cap / (Market Cap + Debt) = 0 / (0 + 120889.78) = 0
Weight Cost Debt = 100% - 0 = 1
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) = 3
β = 0.0831
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 3 + 0.0831 * 5.94 + 0 = 0.0349
WACC = (176.95 / 120889.78) * (100% - 0) * (1 - 0.21) + 0.0349 + 0 = 0.1156
Terminal Value = Discount (10935.46 * (1 + 0.1765) / (0.1156 - 0.1765)) = 72949.52
Company Value = ∑ (10935.46 / (1 + 0.1156) ^ 5) = 40398.39
Price = (Terminal Value + Company Value) / Count shares = (72949.52 + 40398.39) / 1000000 = 113347904.36