TSE: 9424 - Japan Communications 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 = 8.27
CAGR EPS = 29.2%
Key Rate = 0.0458
Excess Key Rate = 2
Price = 8.27 * (1 + 29.2%) / (0.0458 * 2) = 116.7

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) = 4.23
Ebitda Yield = 0.2621
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 = 0.0018
Debt = 0.0538
Market Cap = 41.74
Weight Debt = Market Cap / (Market Cap + Debt) = 41.74 / (41.74 + 0.0538) = 0.9987
Weight Cost Debt = 100% - 0.9987 = 0.0013
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) = 2.75
β = -1.02
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.75 + -1.02 * 5.94 + 0 = -0.0328
WACC = (0.0018 / 0.0538) * (100% - 0.9987) * (1 - 0.21) + -0.0328 + 0.9987 = 2.57
Terminal Value = Discount (4.23 * (1 + 0.2621) / (2.57 - 0.2621)) = 19.89
Company Value = ∑ (4.23 / (1 + 2.57) ^ 5) = 12.84
Price = (Terminal Value + Company Value) / Count shares = (19.89 + 12.84) / 166120000 = 197.01

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 FCF(5) * (1 + FCF Yield) / (WACC - FCF Yield)
Company Value = ∑ (Discount FCF / (1 + WACC) ^ 5)
Discount FCF(5) = 2.23
FCF Yield = 0.2118
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 = 0.0018
Debt = 0.0538
Market Cap = 41.74
Weight Debt = Market Cap / (Market Cap + Debt) = 41.74 / (41.74 + 0.0538) = 0.9987
Weight Cost Debt = 100% - 0.9987 = 0.0013
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) = 2.75
β = -1.02
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.75 + -1.02 * 5.94 + 0 = -0.0328
WACC = (0.0018 / 0.0538) * (100% - 0.9987) * (1 - 0.21) + -0.0328 + 0.9987 = 2.57
Terminal Value = Discount (2.23 * (1 + 0.2118) / (2.57 - 0.2118)) = 12.82
Company Value = ∑ (2.23 / (1 + 2.57) ^ 5) = 7.25
Price = (Terminal Value + Company Value) / Count shares = (12.82 + 7.25) / 166120000 = 120.8