TSE: 9766 - Konami Group Corporation

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 = 436.5
CAGR EPS = 24.69%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 436.5 * (1 + 24.69%) / (0.0433 * 2) = 6284.94

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) = 174.01
Ebitda Yield = 0.1035
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 = 0.665
Debt = 59.86
Market Cap = 1030
Weight Debt = Market Cap / (Market Cap + Debt) = 1030 / (1030 + 59.86) = 0.9451
Weight Cost Debt = 100% - 0.9451 = 0.0549
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) = 3
β = -0.2388
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 3 + -0.2388 * 5.94 + 0 = 0.0158
WACC = (0.665 / 59.86) * (100% - 0.9451) * (1 - 0.21) + 0.0158 + 0.9451 = 0.8843
Terminal Value = Discount (174.01 * (1 + 0.1035) / (0.8843 - 0.1035)) = 1941.25
Company Value = ∑ (174.01 / (1 + 0.8843) ^ 5) = 701.47
Price = (Terminal Value + Company Value) / Count shares = (1941.25 + 701.47) / 135560000 = 19494.79

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) = 435.55
FCF Yield = 0.4265
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 = 0.665
Debt = 59.86
Market Cap = 1030
Weight Debt = Market Cap / (Market Cap + Debt) = 1030 / (1030 + 59.86) = 0.9451
Weight Cost Debt = 100% - 0.9451 = 0.0549
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) = 3
β = -0.2388
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 3 + -0.2388 * 5.94 + 0 = 0.0158
WACC = (0.665 / 59.86) * (100% - 0.9451) * (1 - 0.21) + 0.0158 + 0.9451 = 0.8843
Terminal Value = Discount (435.55 * (1 + 0.4265) / (0.8843 - 0.4265)) = 1423.63
Company Value = ∑ (435.55 / (1 + 0.8843) ^ 5) = 1171.74
Price = (Terminal Value + Company Value) / Count shares = (1423.63 + 1171.74) / 135560000 = 19145.6