TSE: 8954 - ORIX JREIT Inc.

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 = 6903.26
CAGR EPS = -0.2965%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 6903.26 * (1 + -0.2965%) / (0.0433 * 2) = 79477.97

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 = 7722
g = 0.0019
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 = 1.01
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.89 + 1.01 * 5.94 + 0 = 0.0891
Price = (7722 * (1 + 0.0019)) / (0.0891 - 0.0019) = 88692.05

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) = 29.39
Ebitda Yield = -0.0011
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 = 1.63
Debt = 292.09
Market Cap = 495.97
Weight Debt = Market Cap / (Market Cap + Debt) = 495.97 / (495.97 + 292.09) = 0.6294
Weight Cost Debt = 100% - 0.6294 = 0.3706
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 = 1.01
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.89 + 1.01 * 5.94 + 0 = 0.0891
WACC = (1.63 / 292.09) * (100% - 0.6294) * (1 - 0.21) + 0.0891 + 0.6294 = 0.4937
Terminal Value = Discount (29.39 * (1 + -0.0011) / (0.4937 - -0.0011)) = 4736.71
Company Value = ∑ (29.39 / (1 + 0.4937) ^ 5) = 145.12
Price = (Terminal Value + Company Value) / Count shares = (4736.71 + 145.12) / 2760000 = 1768780.51

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) = 12.38
FCF Yield = -0.0682
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 = 1.63
Debt = 292.09
Market Cap = 495.97
Weight Debt = Market Cap / (Market Cap + Debt) = 495.97 / (495.97 + 292.09) = 0.6294
Weight Cost Debt = 100% - 0.6294 = 0.3706
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 = 1.01
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.89 + 1.01 * 5.94 + 0 = 0.0891
WACC = (1.63 / 292.09) * (100% - 0.6294) * (1 - 0.21) + 0.0891 + 0.6294 = 0.4937
Terminal Value = Discount (12.38 * (1 + -0.0682) / (0.4937 - -0.0682)) = 153.84
Company Value = ∑ (12.38 / (1 + 0.4937) ^ 5) = 70.66
Price = (Terminal Value + Company Value) / Count shares = (153.84 + 70.66) / 2760000 = 81341.34