Price = EPS * (1 + CAGR EPS) / (Key Rate * Excess Key Rate)
EPS = Earning Per Share
CAGR EPS = CAGR 5 EPS
Key Rate — キーレート
Excess Key Rate — キーレートを超えて望ましい
EPS = 0.22
CAGR EPS = 0%
Key Rate = 0.0364
Excess Key Rate = 2
Price = 0.22 * (1 + 0%) / (0.0364 * 2) = 3.02