TSE: 8304 - Aozora Bank, 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 = -427.22
CAGR EPS = 8.66%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 2744 + (2744 * 8.66% / 100) = 2981.63

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 = 38
g = -0.6349
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) = 2.75
β = -1.02
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.75 + -1.02 * 5.94 + 0 = -0.0329
Price = (38 * (1 + -0.6349)) / (-0.0329 - -0.6349) = 23.05

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) = 0.0023
Ebitda Yield = -1.22
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 = 124.36
Debt = 1036.73
Market Cap = 328.74
Weight Debt = Market Cap / (Market Cap + Debt) = 328.74 / (328.74 + 1036.73) = 0.2408
Weight Cost Debt = 100% - 0.2408 = 0.7592
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) = 2.75
β = -1.02
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.75 + -1.02 * 5.94 + 0 = -0.0329
WACC = (124.36 / 1036.73) * (100% - 0.2408) * (1 - 0.21) + -0.0329 + 0.2408 = 9.45
Terminal Value = Discount (0.0023 * (1 + -1.22) / (9.45 - -1.22)) = -0.000246
Company Value = ∑ (0.0023 / (1 + 9.45) ^ 5) = 0.6913
Price = (Terminal Value + Company Value) / Count shares = (-0.000246 + 0.6913) / 116980000 = 5.91

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) = -190.48
FCF Yield = -0.0369
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 = 124.36
Debt = 1036.73
Market Cap = 328.74
Weight Debt = Market Cap / (Market Cap + Debt) = 328.74 / (328.74 + 1036.73) = 0.2408
Weight Cost Debt = 100% - 0.2408 = 0.7592
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) = 2.75
β = -1.02
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.75 + -1.02 * 5.94 + 0 = -0.0329
WACC = (124.36 / 1036.73) * (100% - 0.2408) * (1 - 0.21) + -0.0329 + 0.2408 = 9.45
Terminal Value = Discount (-190.48 * (1 + -0.0369) / (9.45 - -0.0369)) = -889.06
Company Value = ∑ (-190.48 / (1 + 9.45) ^ 5) = -796.17
Price = (Terminal Value + Company Value) / Count shares = (-889.06 + -796.17) / 116980000 = -14406.13