TSE: 8601 - Daiwa Securities Group Inc.

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 = 83.85
CAGR EPS = 16.59%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 1066.75 + (1066.75 * 16.59% / 100) = 1243.75

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 = 53
g = 0.0696
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) = 2.82
β = 0.5661
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + 0.5661 * 5.94 + 0 = 0.0618
Price = (53 * (1 + 0.0696)) / (0.0618 - 0.0696) = 7285.82

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) = 138.71
Ebitda Yield = -0.0744
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 = 527.87
Debt = 5174.53
Market Cap = 1100
Weight Debt = Market Cap / (Market Cap + Debt) = 1100 / (1100 + 5174.53) = 0.1753
Weight Cost Debt = 100% - 0.1753 = 0.8247
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) = 2.82
β = 0.5661
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + 0.5661 * 5.94 + 0 = 0.0618
WACC = (527.87 / 5174.53) * (100% - 0.1753) * (1 - 0.21) + 0.0618 + 0.1753 = 8.06
Terminal Value = Discount (138.71 * (1 + -0.0744) / (8.06 - -0.0744)) = 562.47
Company Value = ∑ (138.71 / (1 + 8.06) ^ 5) = 657.1
Price = (Terminal Value + Company Value) / Count shares = (562.47 + 657.1) / 1449620000 = 841.3

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) = 2763.6
FCF Yield = 0.3396
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 = 527.87
Debt = 5174.53
Market Cap = 1100
Weight Debt = Market Cap / (Market Cap + Debt) = 1100 / (1100 + 5174.53) = 0.1753
Weight Cost Debt = 100% - 0.1753 = 0.8247
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) = 2.82
β = 0.5661
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + 0.5661 * 5.94 + 0 = 0.0618
WACC = (527.87 / 5174.53) * (100% - 0.1753) * (1 - 0.21) + 0.0618 + 0.1753 = 8.06
Terminal Value = Discount (2763.6 * (1 + 0.3396) / (8.06 - 0.3396)) = 9701.65
Company Value = ∑ (2763.6 / (1 + 8.06) ^ 5) = 6388.69
Price = (Terminal Value + Company Value) / Count shares = (9701.65 + 6388.69) / 1449620000 = 11099.7