NYSE: JTA - Nuveen Tax-Advantaged Total Return Strategy Fund

Price = Avg Price + (Avg Price * CAGR EPS% / 100)
EPS = Earning Per Share
CAGR EPS = CAGR 5 EPS
Key Rate — キーレート
Excess Key Rate — 必要なキーレートの超過
EPS = 4.22
CAGR EPS = 99.53%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 10.16 + (10.16 * 99.53% / 100) = 20.26

Price = (Terminal Value + Company Value) / Count shares
Price - 適正価格
Terminal Value — 予測後の期間のコスト
Company Value — 予測期間中のコスト
Count shares - 株式数
Terminal Value = Discount Ebitda(5) * (1 + Ebitda Yield) / (WACC - Ebitda Yield)
Company Value = ∑ (Discount Ebitda / (1 + WACC) ^ 5)
Discount Ebitda(5) = 0.0044
Ebitda Yield = -0.1026
WACC = (Interest Expense / Debt) * (Weight Cost Debt) * (1 - Tax) + Cost Of Equity * Weight Debt
Interest Expense - 債務返済コスト
Debt - 義務
Weight Debt - 負債に対する資本の重み
Weight Cost Debt - 資本総額に対する負債の重み
Tax - 税
Interest Expense = 0
Debt = 0.0786
Market Cap = 0.1597
Weight Debt = Market Cap / (Market Cap + Debt) = 0.1597 / (0.1597 + 0.0786) = 0.6702
Weight Cost Debt = 100% - 0.6702 = 0.3298
Tax = 0.21
Cost Of Equity — 割引率
Cost Of Equity = k(f) + β * Risk Premium + Country Premium (Damodaran table)
k(f) — リスクフリーの収益率
β (beta) — 市場に関連した株式 (資産) のリスクの尺度を決定し、市場の収益性の変化に対する株式の収益性の変化の感応度を示します。
Risk Premium — リスクプレミアム - 株式投資のリスクに対するプレミアム
Country Premium - カントリーリスク
k(f) = 2.89
β = 0
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.89 + 0 * 5.94 + 0 = 0.0289
WACC = (0 / 0.0786) * (100% - 0.6702) * (1 - 0.21) + 0.0289 + 0.6702 = 0.0194
Terminal Value = Discount (0.0044 * (1 + -0.1026) / (0.0194 - -0.1026)) = 0.0386
Company Value = ∑ (0.0044 / (1 + 0.0194) ^ 5) = 0.0278
Price = (Terminal Value + Company Value) / Count shares = (0.0386 + 0.0278) / 13000000 = 5.11

Price = (Terminal Value + Company Value) / Count shares
Price - 適正価格
Terminal Value — 予測後の期間のコスト
Company Value — 予測期間中のコスト
Count shares - 株式数
Terminal Value = Discount FCF(5) * (1 + FCF Yield) / (WACC - FCF Yield)
Company Value = ∑ (Discount FCF / (1 + WACC) ^ 5)
Discount FCF(5) = 0.0044
FCF Yield = -0.1026
WACC = (Interest Expense / Debt) * (Weight Cost Debt) * (1 - Tax) + Cost Of Equity * Weight Debt
Interest Expense - 債務返済コスト
Debt - 義務
Weight Debt - 負債に対する資本の重み
Weight Cost Debt - 資本総額に対する負債の重み
Tax - 税
Interest Expense = 0
Debt = 0.0786
Market Cap = 0.1597
Weight Debt = Market Cap / (Market Cap + Debt) = 0.1597 / (0.1597 + 0.0786) = 0.6702
Weight Cost Debt = 100% - 0.6702 = 0.3298
Tax = 0.21
Cost Of Equity — 割引率
Cost Of Equity = k(f) + β * Risk Premium + Country Premium (Damodaran table)
k(f) — リスクフリーの収益率
β (beta) — 市場に関連した株式 (資産) のリスクの尺度を決定し、市場の収益性の変化に対する株式の収益性の変化の感応度を示します。
Risk Premium — リスクプレミアム - 株式投資のリスクに対するプレミアム
Country Premium - カントリーリスク
k(f) = 2.89
β = 0
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.89 + 0 * 5.94 + 0 = 0.0289
WACC = (0 / 0.0786) * (100% - 0.6702) * (1 - 0.21) + 0.0289 + 0.6702 = 0.0194
Terminal Value = Discount (0.0044 * (1 + -0.1026) / (0.0194 - -0.1026)) = 0.0386
Company Value = ∑ (0.0044 / (1 + 0.0194) ^ 5) = 0.0278
Price = (Terminal Value + Company Value) / Count shares = (0.0386 + 0.0278) / 13000000 = 5.11