TSE: 9605 - Toei Company, 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 = 225.67
CAGR EPS = -31.23%
Key Rate = 0.0458
Excess Key Rate = 2
Price = 225.67 * (1 + -31.23%) / (0.0458 * 2) = 1694.32

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 = 21
g = 0.0879
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 = 1.47
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.75 + 1.47 * 5.94 + 0 = 0.1151
Price = (21 * (1 + 0.0879)) / (0.1151 - 0.0879) = 839.93

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) = 36.63
Ebitda Yield = 0.021
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 = 0.087
Debt = 14.67
Market Cap = 214.57
Weight Debt = Market Cap / (Market Cap + Debt) = 214.57 / (214.57 + 14.67) = 0.936
Weight Cost Debt = 100% - 0.936 = 0.064
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 = 1.47
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.75 + 1.47 * 5.94 + 0 = 0.1151
WACC = (0.087 / 14.67) * (100% - 0.936) * (1 - 0.21) + 0.1151 + 0.936 = 0.572
Terminal Value = Discount (36.63 * (1 + 0.021) / (0.572 - 0.021)) = 2372.6
Company Value = ∑ (36.63 / (1 + 0.572) ^ 5) = 172.74
Price = (Terminal Value + Company Value) / Count shares = (2372.6 + 172.74) / 61960000 = 41080.38

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) = 15.4
FCF Yield = -0.0194
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 = 0.087
Debt = 14.67
Market Cap = 214.57
Weight Debt = Market Cap / (Market Cap + Debt) = 214.57 / (214.57 + 14.67) = 0.936
Weight Cost Debt = 100% - 0.936 = 0.064
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 = 1.47
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.75 + 1.47 * 5.94 + 0 = 0.1151
WACC = (0.087 / 14.67) * (100% - 0.936) * (1 - 0.21) + 0.1151 + 0.936 = 0.572
Terminal Value = Discount (15.4 * (1 + -0.0194) / (0.572 - -0.0194)) = 584.13
Company Value = ∑ (15.4 / (1 + 0.572) ^ 5) = 78.76
Price = (Terminal Value + Company Value) / Count shares = (584.13 + 78.76) / 61960000 = 10698.55