TSE: 9302 - MITSUI-SOKO 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 = 486.19
CAGR EPS = 13.56%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 486.19 * (1 + 13.56%) / (0.0433 * 2) = 6375.26

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 = 152
g = 0.1122
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 = -0.184
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + -0.184 * 5.94 + 0 = 0.0173
Price = (152 * (1 + 0.1122)) / (0.0173 - 0.1122) = 1780.01

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) = 41.09
Ebitda Yield = 0.0607
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 = 0.787
Debt = 83.26
Market Cap = 86.81
Weight Debt = Market Cap / (Market Cap + Debt) = 86.81 / (86.81 + 83.26) = 0.5104
Weight Cost Debt = 100% - 0.5104 = 0.4896
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 = -0.184
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + -0.184 * 5.94 + 0 = 0.0173
WACC = (0.787 / 83.26) * (100% - 0.5104) * (1 - 0.21) + 0.0173 + 0.5104 = 0.7517
Terminal Value = Discount (41.09 * (1 + 0.0607) / (0.7517 - 0.0607)) = 789.97
Company Value = ∑ (41.09 / (1 + 0.7517) ^ 5) = 179.04
Price = (Terminal Value + Company Value) / Count shares = (789.97 + 179.04) / 24900000 = 38916.2

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) = 9.43
FCF Yield = -0.0425
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 = 0.787
Debt = 83.26
Market Cap = 86.81
Weight Debt = Market Cap / (Market Cap + Debt) = 86.81 / (86.81 + 83.26) = 0.5104
Weight Cost Debt = 100% - 0.5104 = 0.4896
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 = -0.184
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + -0.184 * 5.94 + 0 = 0.0173
WACC = (0.787 / 83.26) * (100% - 0.5104) * (1 - 0.21) + 0.0173 + 0.5104 = 0.7517
Terminal Value = Discount (9.43 * (1 + -0.0425) / (0.7517 - -0.0425)) = 174
Company Value = ∑ (9.43 / (1 + 0.7517) ^ 5) = 50.39
Price = (Terminal Value + Company Value) / Count shares = (174 + 50.39) / 24900000 = 9011.87