TSE: 9506 - Tohoku Electric Power Company, Incorporated

Price = Avg Price + (Avg Price * CAGR EPS% / 100)
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 = 452.13
CAGR EPS = 30.96%
Key Rate = 0.0458
Excess Key Rate = 2
Price = 1209.6 + (1209.6 * 30.96% / 100) = 1584.08

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 = 25
g = 13.35
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 = -0.7745
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.75 + -0.7745 * 5.94 + 0 = -0.0185
Price = (25 * (1 + 13.35)) / (-0.0185 - 13.35) = 26.84

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) = 742.64
Ebitda Yield = 0.072
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 = 24.54
Debt = 3286.09
Market Cap = 449.91
Weight Debt = Market Cap / (Market Cap + Debt) = 449.91 / (449.91 + 3286.09) = 0.1204
Weight Cost Debt = 100% - 0.1204 = 0.8796
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 = -0.7745
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.75 + -0.7745 * 5.94 + 0 = -0.0185
WACC = (24.54 / 3286.09) * (100% - 0.1204) * (1 - 0.21) + -0.0185 + 0.1204 = 0.5871
Terminal Value = Discount (742.64 * (1 + 0.072) / (0.5871 - 0.072)) = 11697.83
Company Value = ∑ (742.64 / (1 + 0.5871) ^ 5) = 3188
Price = (Terminal Value + Company Value) / Count shares = (11697.83 + 3188) / 499980000 = 29772.85

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) = 31.68
FCF Yield = -0.1937
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 = 24.54
Debt = 3286.09
Market Cap = 449.91
Weight Debt = Market Cap / (Market Cap + Debt) = 449.91 / (449.91 + 3286.09) = 0.1204
Weight Cost Debt = 100% - 0.1204 = 0.8796
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 = -0.7745
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.75 + -0.7745 * 5.94 + 0 = -0.0185
WACC = (24.54 / 3286.09) * (100% - 0.1204) * (1 - 0.21) + -0.0185 + 0.1204 = 0.5871
Terminal Value = Discount (31.68 * (1 + -0.1937) / (0.5871 - -0.1937)) = 124.31
Company Value = ∑ (31.68 / (1 + 0.5871) ^ 5) = 251.21
Price = (Terminal Value + Company Value) / Count shares = (124.31 + 251.21) / 499980000 = 751.08