TSE: 8369 - The Bank of Kyoto, 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 = 362.51
CAGR EPS = -2.84%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 362.51 * (1 + -2.84%) / (0.0433 * 2) = 4066.95

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) = 30.74
Ebitda Yield = -0.0553
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 = 7.4
Debt = 258.26
Market Cap = 572.87
Weight Debt = Market Cap / (Market Cap + Debt) = 572.87 / (572.87 + 258.26) = 0.6893
Weight Cost Debt = 100% - 0.6893 = 0.3107
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 = -0.5734
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.89 + -0.5734 * 5.94 + 0 = -0.0052
WACC = (7.4 / 258.26) * (100% - 0.6893) * (1 - 0.21) + -0.0052 + 0.6893 = 2.24
Terminal Value = Discount (30.74 * (1 + -0.0553) / (2.24 - -0.0553)) = 334.32
Company Value = ∑ (30.74 / (1 + 2.24) ^ 5) = 162.11
Price = (Terminal Value + Company Value) / Count shares = (334.32 + 162.11) / 75070000 = 6612.94

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) = 17777.61
FCF Yield = -2.66
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 = 7.4
Debt = 258.26
Market Cap = 572.87
Weight Debt = Market Cap / (Market Cap + Debt) = 572.87 / (572.87 + 258.26) = 0.6893
Weight Cost Debt = 100% - 0.6893 = 0.3107
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 = -0.5734
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.89 + -0.5734 * 5.94 + 0 = -0.0052
WACC = (7.4 / 258.26) * (100% - 0.6893) * (1 - 0.21) + -0.0052 + 0.6893 = 2.24
Terminal Value = Discount (17777.61 * (1 + -2.66) / (2.24 - -2.66)) = -9842.4
Company Value = ∑ (17777.61 / (1 + 2.24) ^ 5) = 10718.89
Price = (Terminal Value + Company Value) / Count shares = (-9842.4 + 10718.89) / 75070000 = 11675.58