TSE: 9005 - Tokyu 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 = 105.84
CAGR EPS = 8.66%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 105.84 * (1 + 8.66%) / (0.0433 * 2) = 1327.93

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 = 21
g = 0.1658
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 = 2.33
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + 2.33 * 5.94 + 0 = 0.1667
Price = (21 * (1 + 0.1658)) / (0.1667 - 0.1658) = 27920.34

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) = 211.57
Ebitda Yield = 0.0222
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 = 8.4
Debt = 1255.53
Market Cap = 1030
Weight Debt = Market Cap / (Market Cap + Debt) = 1030 / (1030 + 1255.53) = 0.4507
Weight Cost Debt = 100% - 0.4507 = 0.5493
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 = 2.33
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + 2.33 * 5.94 + 0 = 0.1667
WACC = (8.4 / 1255.53) * (100% - 0.4507) * (1 - 0.21) + 0.1667 + 0.4507 = 0.6015
Terminal Value = Discount (211.57 * (1 + 0.0222) / (0.6015 - 0.0222)) = 12943.77
Company Value = ∑ (211.57 / (1 + 0.6015) ^ 5) = 994.55
Price = (Terminal Value + Company Value) / Count shares = (12943.77 + 994.55) / 602470000 = 23135.29

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) = 7.7
FCF Yield = -0.2302
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 = 8.4
Debt = 1255.53
Market Cap = 1030
Weight Debt = Market Cap / (Market Cap + Debt) = 1030 / (1030 + 1255.53) = 0.4507
Weight Cost Debt = 100% - 0.4507 = 0.5493
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 = 2.33
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + 2.33 * 5.94 + 0 = 0.1667
WACC = (8.4 / 1255.53) * (100% - 0.4507) * (1 - 0.21) + 0.1667 + 0.4507 = 0.6015
Terminal Value = Discount (7.7 * (1 + -0.2302) / (0.6015 - -0.2302)) = 24.34
Company Value = ∑ (7.7 / (1 + 0.6015) ^ 5) = 68.44
Price = (Terminal Value + Company Value) / Count shares = (24.34 + 68.44) / 602470000 = 154.01