TSE: 9449 - GMO internet group, 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 = 133.33
CAGR EPS = -1.18%
Key Rate = 0.0458
Excess Key Rate = 2
Price = 133.33 * (1 + -1.18%) / (0.0458 * 2) = 1438.33

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 = 38.3
g = 0.1621
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 = 0.2973
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.75 + 0.2973 * 5.94 + 0 = 0.0452
Price = (38.3 * (1 + 0.1621)) / (0.0452 - 0.1621) = 380.67

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) = 86.4
Ebitda Yield = 0.0916
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 = 1.85
Debt = 475.11
Market Cap = 292.08
Weight Debt = Market Cap / (Market Cap + Debt) = 292.08 / (292.08 + 475.11) = 0.3807
Weight Cost Debt = 100% - 0.3807 = 0.6193
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 = 0.2973
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.75 + 0.2973 * 5.94 + 0 = 0.0452
WACC = (1.85 / 475.11) * (100% - 0.3807) * (1 - 0.21) + 0.0452 + 0.3807 = 0.3241
Terminal Value = Discount (86.4 * (1 + 0.0916) / (0.3241 - 0.0916)) = 1049.98
Company Value = ∑ (86.4 / (1 + 0.3241) ^ 5) = 361.6
Price = (Terminal Value + Company Value) / Count shares = (1049.98 + 361.6) / 106440000 = 13261.71

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) = -13.48
FCF Yield = 0.1236
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 = 1.85
Debt = 475.11
Market Cap = 292.08
Weight Debt = Market Cap / (Market Cap + Debt) = 292.08 / (292.08 + 475.11) = 0.3807
Weight Cost Debt = 100% - 0.3807 = 0.6193
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 = 0.2973
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.75 + 0.2973 * 5.94 + 0 = 0.0452
WACC = (1.85 / 475.11) * (100% - 0.3807) * (1 - 0.21) + 0.0452 + 0.3807 = 0.3241
Terminal Value = Discount (-13.48 * (1 + 0.1236) / (0.3241 - 0.1236)) = -123.82
Company Value = ∑ (-13.48 / (1 + 0.3241) ^ 5) = -53.55
Price = (Terminal Value + Company Value) / Count shares = (-123.82 + -53.55) / 106440000 = -1666.4