TSE: 9831 - Yamada Holdings Co., 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 = 34.53
CAGR EPS = 5.04%
Key Rate = 0.0458
Excess Key Rate = 2
Price = 34.53 * (1 + 5.04%) / (0.0458 * 2) = 396

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 = 12
g = 0.0642
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 = 0.3348
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.75 + 0.3348 * 5.94 + 0 = 0.0474
Price = (12 * (1 + 0.0642)) / (0.0474 - 0.0642) = 759.71

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 Ebitda(5) * (1 + Ebitda Yield) / (WACC - Ebitda Yield)
Company Value = ∑ (Discount Ebitda / (1 + WACC) ^ 5)
Discount Ebitda(5) = 67.15
Ebitda Yield = -0.0014
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 = 1.72
Debt = 304.75
Market Cap = 305.26
Weight Debt = Market Cap / (Market Cap + Debt) = 305.26 / (305.26 + 304.75) = 0.5004
Weight Cost Debt = 100% - 0.5004 = 0.4996
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 = 0.3348
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.75 + 0.3348 * 5.94 + 0 = 0.0474
WACC = (1.72 / 304.75) * (100% - 0.5004) * (1 - 0.21) + 0.0474 + 0.5004 = 0.4674
Terminal Value = Discount (67.15 * (1 + -0.0014) / (0.4674 - -0.0014)) = 10698.09
Company Value = ∑ (67.15 / (1 + 0.4674) ^ 5) = 332.04
Price = (Terminal Value + Company Value) / Count shares = (10698.09 + 332.04) / 795140000 = 13871.93

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 FCF(5) * (1 + FCF Yield) / (WACC - FCF Yield)
Company Value = ∑ (Discount FCF / (1 + WACC) ^ 5)
Discount FCF(5) = 20.34
FCF Yield = -0.0633
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 = 1.72
Debt = 304.75
Market Cap = 305.26
Weight Debt = Market Cap / (Market Cap + Debt) = 305.26 / (305.26 + 304.75) = 0.5004
Weight Cost Debt = 100% - 0.5004 = 0.4996
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 = 0.3348
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.75 + 0.3348 * 5.94 + 0 = 0.0474
WACC = (1.72 / 304.75) * (100% - 0.5004) * (1 - 0.21) + 0.0474 + 0.5004 = 0.4674
Terminal Value = Discount (20.34 * (1 + -0.0633) / (0.4674 - -0.0633)) = 273.73
Company Value = ∑ (20.34 / (1 + 0.4674) ^ 5) = 114.89
Price = (Terminal Value + Company Value) / Count shares = (273.73 + 114.89) / 795140000 = 488.74