TSE: 8985 - Japan Hotel REIT Investment Corporation

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 = 2909.28
CAGR EPS = -3.34%
Key Rate = 0.0458
Excess Key Rate = 2
Price = 2909.28 * (1 + -3.34%) / (0.0458 * 2) = 30700.15

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 = 3015
g = 0.0644
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) = 2.6
β = -0.9179
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.6 + -0.9179 * 5.94 + 0 = -0.0285
Price = (3015 * (1 + 0.0644)) / (-0.0285 - 0.0644) = 34518.32

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) = 11.47
Ebitda Yield = -0.0524
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 = 1.86
Debt = 175.23
Market Cap = 310.01
Weight Debt = Market Cap / (Market Cap + Debt) = 310.01 / (310.01 + 175.23) = 0.6389
Weight Cost Debt = 100% - 0.6389 = 0.3611
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) = 2.6
β = -0.9179
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.6 + -0.9179 * 5.94 + 0 = -0.0285
WACC = (1.86 / 175.23) * (100% - 0.6389) * (1 - 0.21) + -0.0285 + 0.6389 = 0.8166
Terminal Value = Discount (11.47 * (1 + -0.0524) / (0.8166 - -0.0524)) = 172.52
Company Value = ∑ (11.47 / (1 + 0.8166) ^ 5) = 62.59
Price = (Terminal Value + Company Value) / Count shares = (172.52 + 62.59) / 4510000 = 52130.37

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) = -10.1
FCF Yield = -0.1349
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 = 1.86
Debt = 175.23
Market Cap = 310.01
Weight Debt = Market Cap / (Market Cap + Debt) = 310.01 / (310.01 + 175.23) = 0.6389
Weight Cost Debt = 100% - 0.6389 = 0.3611
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) = 2.6
β = -0.9179
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.6 + -0.9179 * 5.94 + 0 = -0.0285
WACC = (1.86 / 175.23) * (100% - 0.6389) * (1 - 0.21) + -0.0285 + 0.6389 = 0.8166
Terminal Value = Discount (-10.1 * (1 + -0.1349) / (0.8166 - -0.1349)) = -58.64
Company Value = ∑ (-10.1 / (1 + 0.8166) ^ 5) = -67.43
Price = (Terminal Value + Company Value) / Count shares = (-58.64 + -67.43) / 4510000 = -27954.11