TSE: 8801 - Mitsui Fudosan Co., 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 = 240.66
CAGR EPS = 5.04%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 1259.59 + (1259.59 * 5.04% / 100) = 1323.09

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 = 27.33
g = 0.0734
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 = -1.27
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.89 + -1.27 * 5.94 + 0 = -0.0468
Price = (27.33 * (1 + 0.0734)) / (-0.0468 - 0.0734) = 243.97

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) = 565.67
Ebitda Yield = 0.0362
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 = 74.54
Debt = 819.01
Market Cap = 2780
Weight Debt = Market Cap / (Market Cap + Debt) = 2780 / (2780 + 819.01) = 0.7724
Weight Cost Debt = 100% - 0.7724 = 0.2276
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 = -1.27
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.89 + -1.27 * 5.94 + 0 = -0.0468
WACC = (74.54 / 819.01) * (100% - 0.7724) * (1 - 0.21) + -0.0468 + 0.7724 = 7.1
Terminal Value = Discount (565.67 * (1 + 0.0362) / (7.1 - 0.0362)) = 11979.2
Company Value = ∑ (565.67 / (1 + 7.1) ^ 5) = 2146.53
Price = (Terminal Value + Company Value) / Count shares = (11979.2 + 2146.53) / 933460000 = 15132.66

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) = 37.41
FCF Yield = 0.1239
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 = 74.54
Debt = 819.01
Market Cap = 2780
Weight Debt = Market Cap / (Market Cap + Debt) = 2780 / (2780 + 819.01) = 0.7724
Weight Cost Debt = 100% - 0.7724 = 0.2276
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 = -1.27
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.89 + -1.27 * 5.94 + 0 = -0.0468
WACC = (74.54 / 819.01) * (100% - 0.7724) * (1 - 0.21) + -0.0468 + 0.7724 = 7.1
Terminal Value = Discount (37.41 * (1 + 0.1239) / (7.1 - 0.1239)) = 564.23
Company Value = ∑ (37.41 / (1 + 7.1) ^ 5) = 120.84
Price = (Terminal Value + Company Value) / Count shares = (564.23 + 120.84) / 933460000 = 733.9