TSE: 8421 - Shinkin Central Bank

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 = 4780.2
CAGR EPS = -4.43%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 4780.2 * (1 + -4.43%) / (0.0433 * 2) = 52751.56

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 = 6500
g = -5.19
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 = -0.8304
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 3 + -0.8304 * 5.94 + 0 = -0.0193
Price = (6500 * (1 + -5.19)) / (-0.0193 - -5.19) = -5268.02

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) = 753.04
Ebitda Yield = 0.6895
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 = 177.4
Debt = 6495.79
Market Cap = 1850
Weight Debt = Market Cap / (Market Cap + Debt) = 1850 / (1850 + 6495.79) = 0.2217
Weight Cost Debt = 100% - 0.2217 = 0.7783
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 = -0.8304
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 3 + -0.8304 * 5.94 + 0 = -0.0193
WACC = (177.4 / 6495.79) * (100% - 0.2217) * (1 - 0.21) + -0.0193 + 0.2217 = 2.15
Terminal Value = Discount (753.04 * (1 + 0.6895) / (2.15 - 0.6895)) = 1712.5
Company Value = ∑ (753.04 / (1 + 2.15) ^ 5) = 1574.14
Price = (Terminal Value + Company Value) / Count shares = (1712.5 + 1574.14) / 6720000 = 489083.37

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) = 20431.23
FCF Yield = 0.4581
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 = 177.4
Debt = 6495.79
Market Cap = 1850
Weight Debt = Market Cap / (Market Cap + Debt) = 1850 / (1850 + 6495.79) = 0.2217
Weight Cost Debt = 100% - 0.2217 = 0.7783
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 = -0.8304
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 3 + -0.8304 * 5.94 + 0 = -0.0193
WACC = (177.4 / 6495.79) * (100% - 0.2217) * (1 - 0.21) + -0.0193 + 0.2217 = 2.15
Terminal Value = Discount (20431.23 * (1 + 0.4581) / (2.15 - 0.4581)) = 61350.24
Company Value = ∑ (20431.23 / (1 + 2.15) ^ 5) = 50998.38
Price = (Terminal Value + Company Value) / Count shares = (61350.24 + 50998.38) / 6720000 = 16718544.89