TSE: 9076 - Seino Holdings Co., Ltd.

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 = 78.35
CAGR EPS = -9.29%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 78.35 * (1 + -9.29%) / (0.0433 * 2) = 820.65

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 = 100
g = -0.017
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 = 0.527
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + 0.527 * 5.94 + 0 = 0.0595
Price = (100 * (1 + -0.017)) / (0.0595 - -0.017) = 1284.63

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) = 47.06
Ebitda Yield = -0.0114
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 = 0.412
Debt = 37.34
Market Cap = 391.95
Weight Debt = Market Cap / (Market Cap + Debt) = 391.95 / (391.95 + 37.34) = 0.913
Weight Cost Debt = 100% - 0.913 = 0.087
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 = 0.527
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + 0.527 * 5.94 + 0 = 0.0595
WACC = (0.412 / 37.34) * (100% - 0.913) * (1 - 0.21) + 0.0595 + 0.913 = 0.9181
Terminal Value = Discount (47.06 * (1 + -0.0114) / (0.9181 - -0.0114)) = 2154.5
Company Value = ∑ (47.06 / (1 + 0.9181) ^ 5) = 234.39
Price = (Terminal Value + Company Value) / Count shares = (2154.5 + 234.39) / 185850000 = 12853.85

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) = 1231.4
FCF Yield = 1.18
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 = 0.412
Debt = 37.34
Market Cap = 391.95
Weight Debt = Market Cap / (Market Cap + Debt) = 391.95 / (391.95 + 37.34) = 0.913
Weight Cost Debt = 100% - 0.913 = 0.087
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 = 0.527
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + 0.527 * 5.94 + 0 = 0.0595
WACC = (0.412 / 37.34) * (100% - 0.913) * (1 - 0.21) + 0.0595 + 0.913 = 0.9181
Terminal Value = Discount (1231.4 * (1 + 1.18) / (0.9181 - 1.18)) = 2190.86
Company Value = ∑ (1231.4 / (1 + 0.9181) ^ 5) = 2144.22
Price = (Terminal Value + Company Value) / Count shares = (2190.86 + 2144.22) / 185850000 = 23325.7