<h3>关键洞察</h3>
<ul>
<li>东京应化工业的预计公允价值为 6,994 日元，基于两阶段自由现金流折现模型</li>
<li>东京应化工业的 4,969 日元股价表明其可能被低估 29%</li>
<li>分析师对 4186 的 4,863 日元目标价比我们估算的公允价值低 30%</li>
</ul>
<p>东京应化工业株式会社（TSE:4186）与其内在价值相差多远？使用最新的财务数据，我们将通过估算公司的未来现金流并将其折现到现值，来看看该股票是否定价合理。实现这一目标的一种方法是采用折现现金流（DCF）模型。在你认为自己无法理解之前，请继续阅读！实际上，这比你想象的要简单得多。</p>
<p>我们要提醒的是，评估公司的方法有很多种，像 DCF 一样，每种技术在某些情况下都有其优缺点。如果你想了解更多关于折现现金流的信息，可以在 Simply Wall St 的分析模型中详细阅读这一计算的原理。</p>
<p>人工智能即将改变医疗保健。这 20 只股票正在从早期诊断到药物发现等各个方面进行研发。最棒的是——它们的市值都在 100 亿美元以下——现在仍然有机会提前布局。</p>
<h2>估计估值是多少？</h2>
<p>我们将使用两阶段 DCF 模型，顾名思义，它考虑了两个阶段的增长。第一阶段通常是一个较高的增长期，随后趋于稳定，进入第二个 “稳定增长” 阶段。首先，我们需要估算未来十年的现金流。在可能的情况下，我们使用分析师的估计，但当这些不可用时，我们会从最后的估计或报告值中推算出之前的自由现金流（FCF）。我们假设自由现金流减少的公司将减缓其减少的速度，而自由现金流增长的公司在此期间将看到其增长速度放缓。我们这样做是为了反映出早期的增长往往比后期的增长放缓得更快。</p>
<p>通常我们假设今天的一美元比未来的一美元更有价值，因此我们需要将这些未来现金流的总和折现，以得出现值估计：</p>
<h4>10 年自由现金流（FCF）预测</h4>
<table>
<thead>
<tr>
<th></th>
<th></th>
<th></th>
<th></th>
<th></th>
<th></th>
<th></th>
<th></th>
<th></th>
<th></th>
<th></th>
</tr>
</thead>
<tbody>
<tr>
<td></td>
<td><strong>2026</strong></td>
<td><strong>2027</strong></td>
<td><strong>2028</strong></td>
<td><strong>2029</strong></td>
<td><strong>2030</strong></td>
<td><strong>2031</strong></td>
<td><strong>2032</strong></td>
<td><strong>2033</strong></td>
<td><strong>2034</strong></td>
<td><strong>2035</strong></td>
</tr>
<tr>
<td><strong>杠杆自由现金流（¥，百万）</strong></td>
<td>166 亿日元</td>
<td>179 亿日元</td>
<td>254 亿日元</td>
<td>314 亿日元</td>
<td>358 亿日元</td>
<td>393 亿日元</td>
<td>421 亿日元</td>
<td>442 亿日元</td>
<td>459 亿日元</td>
<td>471 亿日元</td>
</tr>
<tr>
<td><strong>增长率估计来源</strong></td>
<td>分析师 x4</td>
<td>分析师 x5</td>
<td>分析师 x2</td>
<td>分析师 x1</td>
<td>估计 @13.90%</td>
<td>估计 @9.88%</td>
<td>估计 @7.07%</td>
<td>估计 @5.11%</td>
<td>估计 @3.73%</td>
<td>估计 @2.77%</td>
</tr>
<tr>
<td><strong>现值（¥，百万）按 5.3% 折现</strong></td>
<td>158 亿日元</td>
<td>161 亿日元</td>
<td>217 亿日元</td>
<td>255 亿日元</td>
<td>276 亿日元</td>
<td>288 亿日元</td>
<td>293 亿日元</td>
<td>292 亿日元</td>
<td>288 亿日元</td>
<td>281 亿日元</td>
</tr>
</tbody>
</table>
<p><em>(&#34;Est&#34; = FCF 增长率由 Simply Wall St 估算)</em></p>
<p><strong>10 年现金流现值（PVCF）</strong> = 2,510 亿日元</p>
<p>第二阶段也称为终值，这是企业在第一阶段后的现金流。使用戈登增长公式计算终值，未来年增长率等于 10 年期政府债券收益率的 5 年平均值 0.5%。我们以 5.3% 的股本成本将终值现金流折现到今天的价值。</p>
<p><strong>终值（TV）</strong> = FCF2035 × (1 + g) ÷ (r – g) = 470 亿日元× (1 + 0.5%) ÷ (5.3%– 0.5%) = 9,870 亿日元</p>
<p><strong>终值现值（PVTV）</strong> = TV / (1 + r) 10= 9,870 亿日元÷ ( 1 + 5.3%) 10= 5,880 亿日元</p>
<p>总价值是未来十年的现金流总和加上折现后的终值，结果是总股本价值，在这种情况下为 8,380 亿日元。要得到每股内在价值，我们将其除以总流通股数。相对于当前的 5,000 日元股价，该公司似乎略微被低估，折扣为 29%。不过，估值是一个不精确的工具，就像望远镜一样——移动几个度就会进入不同的星系。请记住这一点。</p>
<p><img src="https://imageproxy.pbkrs.com/https://images.simplywall.st/asset/chart/880813-dcf-1-dark-2/1758752706704?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://images.simplywall.st/asset/chart/880813-dcf-1-dark-2/1758752706704"/></p>
<p>TSE:4186 折现现金流 2025 年 9 月 24 日</p>
<h2>重要假设</h2>
<p>上述计算非常依赖于两个假设。第一个是折现率，另一个是现金流。你不必同意这些输入，我建议你自己重新计算并进行调整。DCF 模型也没有考虑行业的周期性或公司的未来资本需求，因此并不能全面反映公司的潜在表现。鉴于我们将东京应化工业视为潜在股东，使用股本成本作为折现率，而不是资本成本（或加权平均资本成本，WACC），后者考虑了债务。在此计算中，我们使用了 5.3%，这是基于 0.915 的杠杆贝塔。贝塔是衡量股票相对于整体市场波动性的指标。我们从全球可比公司的行业平均贝塔中获得我们的贝塔，并在 0.8 到 2.0 之间施加限制，这是一个适合稳定企业的合理范围。</p>
<p>查看我们对东京应化工业的最新分析</p>
<h3>东京应化工业的 SWOT 分析</h3>
<p><strong>优势</strong></p>
<ul>
<li>过去一年的盈利增长超过了行业水平。</li>
</ul>
<ul>
<li>债务不被视为风险。</li>
</ul>
<p>4186 的资产负债表摘要。</p>
<p><strong>劣势</strong></p>
<ul>
<li>与化学市场前 25% 的分红支付者相比，分红较低。</li>
</ul>
<p><strong>机会</strong></p>
<ul>
<li>年收入预计将比日本市场增长更快。</li>
</ul>
<ul>
<li>交易价格低于我们估算的公允价值超过 20%。</li>
</ul>
<p><strong>威胁</strong></p>
<ul>
<li>分红未被现金流覆盖。</li>
</ul>
<ul>
<li>年度收益预计将比日本市场增长缓慢。</li>
</ul>
<p>查看 4186 的股息历史。</p>
<h2>展望未来：</h2>
<p>虽然公司的估值很重要，但这只是评估公司时需要考虑的众多因素之一。DCF 模型并不是一个完美的股票估值工具。相反，DCF 模型的最佳用途是测试某些假设和理论，以查看它们是否会导致公司被低估或高估。例如，公司的股本成本或无风险利率的变化可能会显著影响估值。为什么股价低于内在价值？对于东京应化工业，我们整理了三个您应该进一步审查的重要因素：</p>
<ol>
<li><strong>财务健康</strong>：4186 的资产负债表是否健康？查看我们免费的资产负债表分析，进行六项简单检查，关注杠杆和风险等关键因素。</li>
<li><strong>未来收益</strong>：4186 的增长率与其同行和更广泛市场相比如何？通过与我们的免费分析师增长预期图表互动，深入了解未来几年的分析师共识数字。</li>
<li><strong>其他高质量替代品</strong>：您喜欢全能型股票吗？探索我们互动式的高质量股票列表，了解您可能错过的其他投资机会！</li>
</ol>
<p>PS. Simply Wall St 应用程序每天对东京证券交易所的每只股票进行折现现金流估值。如果您想查找其他股票的计算，请在这里搜索。</p>

<p>东京应化工业株式会社（TSE:4186）目前的交易价格为 4,969 日元，较其基于双阶段折现现金流（DCF）分析得出的估计公允价值 6,994 日元低 29%。分析师设定的目标价格为 4,863 日元，表明与公允价值估计相比，存在 30% 的低估。DCF 模型显示总股本价值为 8,380 亿日元，支持该股票被低估的观点。然而，估值对折现率和未来现金流的假设非常敏感</p>

<h3>Key Insights</h3>
<div class="lb-trans"><h3>关键洞察</h3>
</div><ul>
<li>The projected fair value for Tokyo Ohka Kogyo is JP¥6,994 based on 2 Stage Free Cash Flow to Equity</li>
<li>Tokyo Ohka Kogyo's JP¥4,969 share price signals that it might be 29% undervalued</li>
<li>The JP¥4,863 analyst price target for 4186 is 30% less than our estimate of fair value</li>
</ul>
<div class="lb-trans"><ul>
<li>东京应化工业的预计公允价值为 6,994 日元，基于两阶段自由现金流折现模型</li>
<li>东京应化工业的 4,969 日元股价表明其可能被低估 29%</li>
<li>分析师对 4186 的 4,863 日元目标价比我们估算的公允价值低 30%</li>
</ul>
</div><p>How far off is Tokyo Ohka Kogyo Co., Ltd. (TSE:4186) from its intrinsic value? Using the most recent financial data, we'll take a look at whether the stock is fairly priced by estimating the company's future cash flows and discounting them to their present value. One way to achieve this is by employing the Discounted Cash Flow (DCF) model. Before you think you won't be able to understand it, just read on! It's actually much less complex than you'd imagine.</p>
<div class="lb-trans"><p>东京应化工业株式会社（TSE:4186）与其内在价值相差多远？使用最新的财务数据，我们将通过估算公司的未来现金流并将其折现到现值，来看看该股票是否定价合理。实现这一目标的一种方法是采用折现现金流（DCF）模型。在你认为自己无法理解之前，请继续阅读！实际上，这比你想象的要简单得多。</p>
</div><p>We would caution that there are many ways of valuing a company and, like the DCF, each technique has advantages and disadvantages in certain scenarios. If you want to learn more about discounted cash flow, the rationale behind this calculation can be read in detail in the Simply Wall St analysis model.</p>
<div class="lb-trans"><p>我们要提醒的是，评估公司的方法有很多种，像 DCF 一样，每种技术在某些情况下都有其优缺点。如果你想了解更多关于折现现金流的信息，可以在 Simply Wall St 的分析模型中详细阅读这一计算的原理。</p>
</div><p>AI is about to change healthcare. These 20 stocks are working on everything from early diagnostics to drug discovery. The best part - they are all under $10bn in marketcap - there is still time to get in early.</p>
<div class="lb-trans"><p>人工智能即将改变医疗保健。这 20 只股票正在从早期诊断到药物发现等各个方面进行研发。最棒的是——它们的市值都在 100 亿美元以下——现在仍然有机会提前布局。</p>
</div><h2>What's The Estimated Valuation?</h2>
<div class="lb-trans"><h2>估计估值是多少？</h2>
</div><p>We are going to use a two-stage DCF model, which, as the name states, takes into account two stages of growth. The first stage is generally a higher growth period which levels off heading towards the terminal value, captured in the second 'steady growth' period. To start off with, we need to estimate the next ten years of cash flows. Where possible we use analyst estimates, but when these aren't available we extrapolate the previous free cash flow (FCF) from the last estimate or reported value. We assume companies with shrinking free cash flow will slow their rate of shrinkage, and that companies with growing free cash flow will see their growth rate slow, over this period. We do this to reflect that growth tends to slow more in the early years than it does in later years.</p>
<div class="lb-trans"><p>我们将使用两阶段 DCF 模型，顾名思义，它考虑了两个阶段的增长。第一阶段通常是一个较高的增长期，随后趋于稳定，进入第二个 “稳定增长” 阶段。首先，我们需要估算未来十年的现金流。在可能的情况下，我们使用分析师的估计，但当这些不可用时，我们会从最后的估计或报告值中推算出之前的自由现金流（FCF）。我们假设自由现金流减少的公司将减缓其减少的速度，而自由现金流增长的公司在此期间将看到其增长速度放缓。我们这样做是为了反映出早期的增长往往比后期的增长放缓得更快。</p>
</div><p>Generally we assume that a dollar today is more valuable than a dollar in the future, so we need to discount the sum of these future cash flows to arrive at a present value estimate:</p>
<div class="lb-trans"><p>通常我们假设今天的一美元比未来的一美元更有价值，因此我们需要将这些未来现金流的总和折现，以得出现值估计：</p>
</div><h4>10-year free cash flow (FCF) forecast</h4>
<div class="lb-trans"><h4>10 年自由现金流（FCF）预测</h4>
</div><table>
<thead>
<tr>
<th></th>
<th></th>
<th></th>
<th></th>
<th></th>
<th></th>
<th></th>
<th></th>
<th></th>
<th></th>
<th></th>
</tr>
</thead>
<tbody>
<tr>
<td></td>
<td><strong>2026</strong></td>
<td><strong>2027</strong></td>
<td><strong>2028</strong></td>
<td><strong>2029</strong></td>
<td><strong>2030</strong></td>
<td><strong>2031</strong></td>
<td><strong>2032</strong></td>
<td><strong>2033</strong></td>
<td><strong>2034</strong></td>
<td><strong>2035</strong></td>
</tr>
<tr>
<td><strong>Levered FCF (¥, Millions)</strong></td>
<td>JP¥16.6b</td>
<td>JP¥17.9b</td>
<td>JP¥25.4b</td>
<td>JP¥31.4b</td>
<td>JP¥35.8b</td>
<td>JP¥39.3b</td>
<td>JP¥42.1b</td>
<td>JP¥44.2b</td>
<td>JP¥45.9b</td>
<td>JP¥47.1b</td>
</tr>
<tr>
<td><strong>Growth Rate Estimate Source</strong></td>
<td>Analyst x4</td>
<td>Analyst x5</td>
<td>Analyst x2</td>
<td>Analyst x1</td>
<td>Est @ 13.90%</td>
<td>Est @ 9.88%</td>
<td>Est @ 7.07%</td>
<td>Est @ 5.11%</td>
<td>Est @ 3.73%</td>
<td>Est @ 2.77%</td>
</tr>
<tr>
<td><strong>Present Value (¥, Millions) Discounted @ 5.3%</strong></td>
<td>JP¥15.8k</td>
<td>JP¥16.1k</td>
<td>JP¥21.7k</td>
<td>JP¥25.5k</td>
<td>JP¥27.6k</td>
<td>JP¥28.8k</td>
<td>JP¥29.3k</td>
<td>JP¥29.2k</td>
<td>JP¥28.8k</td>
<td>JP¥28.1k</td>
</tr>
</tbody>
</table>
<div class="lb-trans"><table>
<thead>
<tr>
<th></th>
<th></th>
<th></th>
<th></th>
<th></th>
<th></th>
<th></th>
<th></th>
<th></th>
<th></th>
<th></th>
</tr>
</thead>
<tbody>
<tr>
<td></td>
<td><strong>2026</strong></td>
<td><strong>2027</strong></td>
<td><strong>2028</strong></td>
<td><strong>2029</strong></td>
<td><strong>2030</strong></td>
<td><strong>2031</strong></td>
<td><strong>2032</strong></td>
<td><strong>2033</strong></td>
<td><strong>2034</strong></td>
<td><strong>2035</strong></td>
</tr>
<tr>
<td><strong>杠杆自由现金流（¥，百万）</strong></td>
<td>166 亿日元</td>
<td>179 亿日元</td>
<td>254 亿日元</td>
<td>314 亿日元</td>
<td>358 亿日元</td>
<td>393 亿日元</td>
<td>421 亿日元</td>
<td>442 亿日元</td>
<td>459 亿日元</td>
<td>471 亿日元</td>
</tr>
<tr>
<td><strong>增长率估计来源</strong></td>
<td>分析师 x4</td>
<td>分析师 x5</td>
<td>分析师 x2</td>
<td>分析师 x1</td>
<td>估计 @13.90%</td>
<td>估计 @9.88%</td>
<td>估计 @7.07%</td>
<td>估计 @5.11%</td>
<td>估计 @3.73%</td>
<td>估计 @2.77%</td>
</tr>
<tr>
<td><strong>现值（¥，百万）按 5.3% 折现</strong></td>
<td>158 亿日元</td>
<td>161 亿日元</td>
<td>217 亿日元</td>
<td>255 亿日元</td>
<td>276 亿日元</td>
<td>288 亿日元</td>
<td>293 亿日元</td>
<td>292 亿日元</td>
<td>288 亿日元</td>
<td>281 亿日元</td>
</tr>
</tbody>
</table>
</div><p><em>(&#34;Est&#34; = FCF growth rate estimated by Simply Wall St)</em></p>
<div class="lb-trans"><p><em>(&#34;Est&#34; = FCF 增长率由 Simply Wall St 估算)</em></p>
</div><p><strong>Present Value of 10-year Cash Flow (PVCF)</strong> = JP¥251b</p>
<div class="lb-trans"><p><strong>10 年现金流现值（PVCF）</strong> = 2,510 亿日元</p>
</div><p>The second stage is also known as Terminal Value, this is the business's cash flow after the first stage. The Gordon Growth formula is used to calculate Terminal Value at a future annual growth rate equal to the 5-year average of the 10-year government bond yield of 0.5%. We discount the terminal cash flows to today's value at a cost of equity of 5.3%.</p>
<div class="lb-trans"><p>第二阶段也称为终值，这是企业在第一阶段后的现金流。使用戈登增长公式计算终值，未来年增长率等于 10 年期政府债券收益率的 5 年平均值 0.5%。我们以 5.3% 的股本成本将终值现金流折现到今天的价值。</p>
</div><p><strong>Terminal Value (TV)</strong> = FCF2035 × (1 + g) ÷ (r – g) = JP¥47b× (1 + 0.5%) ÷ (5.3%– 0.5%) = JP¥987b</p>
<div class="lb-trans"><p><strong>终值（TV）</strong> = FCF2035 × (1 + g) ÷ (r – g) = 470 亿日元× (1 + 0.5%) ÷ (5.3%– 0.5%) = 9,870 亿日元</p>
</div><p><strong>Present Value of Terminal Value (PVTV)</strong> = TV / (1 + r) 10= JP¥987b÷ ( 1 + 5.3%) 10= JP¥588b</p>
<div class="lb-trans"><p><strong>终值现值（PVTV）</strong> = TV / (1 + r) 10= 9,870 亿日元÷ ( 1 + 5.3%) 10= 5,880 亿日元</p>
</div><p>The total value is the sum of cash flows for the next ten years plus the discounted terminal value, which results in the Total Equity Value, which in this case is JP¥838b. To get the intrinsic value per share, we divide this by the total number of shares outstanding. Relative to the current share price of JP¥5.0k, the company appears a touch undervalued at a 29% discount to where the stock price trades currently. Valuations are imprecise instruments though, rather like a telescope - move a few degrees and end up in a different galaxy. Do keep this in mind.</p>
<div class="lb-trans"><p>总价值是未来十年的现金流总和加上折现后的终值，结果是总股本价值，在这种情况下为 8,380 亿日元。要得到每股内在价值，我们将其除以总流通股数。相对于当前的 5,000 日元股价，该公司似乎略微被低估，折扣为 29%。不过，估值是一个不精确的工具，就像望远镜一样——移动几个度就会进入不同的星系。请记住这一点。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://images.simplywall.st/asset/chart/880813-dcf-1-dark-2/1758752706704" alt="" original-src="https://images.simplywall.st/asset/chart/880813-dcf-1-dark-2/1758752706704"/></p>
<p>TSE:4186 Discounted Cash Flow September 24th 2025</p>
<div class="lb-trans"><p>TSE:4186 折现现金流 2025 年 9 月 24 日</p>
</div><h2>Important Assumptions</h2>
<div class="lb-trans"><h2>重要假设</h2>
</div><p>The calculation above is very dependent on two assumptions. The first is the discount rate and the other is the cash flows. You don't have to agree with these inputs, I recommend redoing the calculations yourself and playing with them. The DCF also does not consider the possible cyclicality of an industry, or a company's future capital requirements, so it does not give a full picture of a company's potential performance. Given that we are looking at Tokyo Ohka Kogyo as potential shareholders, the cost of equity is used as the discount rate, rather than the cost of capital (or weighted average cost of capital, WACC) which accounts for debt. In this calculation we've used 5.3%, which is based on a levered beta of 0.915. Beta is a measure of a stock's volatility, compared to the market as a whole. We get our beta from the industry average beta of globally comparable companies, with an imposed limit between 0.8 and 2.0, which is a reasonable range for a stable business.</p>
<div class="lb-trans"><p>上述计算非常依赖于两个假设。第一个是折现率，另一个是现金流。你不必同意这些输入，我建议你自己重新计算并进行调整。DCF 模型也没有考虑行业的周期性或公司的未来资本需求，因此并不能全面反映公司的潜在表现。鉴于我们将东京应化工业视为潜在股东，使用股本成本作为折现率，而不是资本成本（或加权平均资本成本，WACC），后者考虑了债务。在此计算中，我们使用了 5.3%，这是基于 0.915 的杠杆贝塔。贝塔是衡量股票相对于整体市场波动性的指标。我们从全球可比公司的行业平均贝塔中获得我们的贝塔，并在 0.8 到 2.0 之间施加限制，这是一个适合稳定企业的合理范围。</p>
</div><p>Check out our latest analysis for Tokyo Ohka Kogyo</p>
<div class="lb-trans"><p>查看我们对东京应化工业的最新分析</p>
</div><h3>SWOT Analysis for Tokyo Ohka Kogyo</h3>
<div class="lb-trans"><h3>东京应化工业的 SWOT 分析</h3>
</div><p><strong>Strength</strong></p>
<div class="lb-trans"><p><strong>优势</strong></p>
</div><ul>
<li>Earnings growth over the past year exceeded the industry.</li>
</ul>
<div class="lb-trans"><ul>
<li>过去一年的盈利增长超过了行业水平。</li>
</ul>
</div><ul>
<li>Debt is not viewed as a risk.</li>
</ul>
<div class="lb-trans"><ul>
<li>债务不被视为风险。</li>
</ul>
</div><p>Balance sheet summary for 4186.</p>
<div class="lb-trans"><p>4186 的资产负债表摘要。</p>
</div><p><strong>Weakness</strong></p>
<div class="lb-trans"><p><strong>劣势</strong></p>
</div><ul>
<li>Dividend is low compared to the top 25% of dividend payers in the Chemicals market.</li>
</ul>
<div class="lb-trans"><ul>
<li>与化学市场前 25% 的分红支付者相比，分红较低。</li>
</ul>
</div><p><strong>Opportunity</strong></p>
<div class="lb-trans"><p><strong>机会</strong></p>
</div><ul>
<li>Annual revenue is forecast to grow faster than the Japanese market.</li>
</ul>
<div class="lb-trans"><ul>
<li>年收入预计将比日本市场增长更快。</li>
</ul>
</div><ul>
<li>Trading below our estimate of fair value by more than 20%.</li>
</ul>
<div class="lb-trans"><ul>
<li>交易价格低于我们估算的公允价值超过 20%。</li>
</ul>
</div><p><strong>Threat</strong></p>
<div class="lb-trans"><p><strong>威胁</strong></p>
</div><ul>
<li>Dividends are not covered by cash flow.</li>
</ul>
<div class="lb-trans"><ul>
<li>分红未被现金流覆盖。</li>
</ul>
</div><ul>
<li>Annual earnings are forecast to grow slower than the Japanese market.</li>
</ul>
<div class="lb-trans"><ul>
<li>年度收益预计将比日本市场增长缓慢。</li>
</ul>
</div><p>See 4186's dividend history.</p>
<div class="lb-trans"><p>查看 4186 的股息历史。</p>
</div><h2>Looking Ahead:</h2>
<div class="lb-trans"><h2>展望未来：</h2>
</div><p>Although the valuation of a company is important, it is only one of many factors that you need to assess for a company. The DCF model is not a perfect stock valuation tool. Instead the best use for a DCF model is to test certain assumptions and theories to see if they would lead to the company being undervalued or overvalued. For example, changes in the company's cost of equity or the risk free rate can significantly impact the valuation. What is the reason for the share price sitting below the intrinsic value? For Tokyo Ohka Kogyo, we've put together three important elements you should further examine:</p>
<div class="lb-trans"><p>虽然公司的估值很重要，但这只是评估公司时需要考虑的众多因素之一。DCF 模型并不是一个完美的股票估值工具。相反，DCF 模型的最佳用途是测试某些假设和理论，以查看它们是否会导致公司被低估或高估。例如，公司的股本成本或无风险利率的变化可能会显著影响估值。为什么股价低于内在价值？对于东京应化工业，我们整理了三个您应该进一步审查的重要因素：</p>
</div><ol>
<li><strong>Financial Health</strong>: Does 4186 have a healthy balance sheet? Take a look at our free balance sheet analysis with six simple checks on key factors like leverage and risk.</li>
<li><strong>Future Earnings</strong>: How does 4186's growth rate compare to its peers and the wider market? Dig deeper into the analyst consensus number for the upcoming years by interacting with our free analyst growth expectation chart.</li>
<li><strong>Other High Quality Alternatives</strong>: Do you like a good all-rounder? Explore our interactive list of high quality stocks to get an idea of what else is out there you may be missing!</li>
</ol>
<div class="lb-trans"><ol>
<li><strong>财务健康</strong>：4186 的资产负债表是否健康？查看我们免费的资产负债表分析，进行六项简单检查，关注杠杆和风险等关键因素。</li>
<li><strong>未来收益</strong>：4186 的增长率与其同行和更广泛市场相比如何？通过与我们的免费分析师增长预期图表互动，深入了解未来几年的分析师共识数字。</li>
<li><strong>其他高质量替代品</strong>：您喜欢全能型股票吗？探索我们互动式的高质量股票列表，了解您可能错过的其他投资机会！</li>
</ol>
</div><p>PS. The Simply Wall St app conducts a discounted cash flow valuation for every stock on the TSE every day. If you want to find the calculation for other stocks just search here.</p>
<div class="lb-trans"><p>PS. Simply Wall St 应用程序每天对东京证券交易所的每只股票进行折现现金流估值。如果您想查找其他股票的计算，请在这里搜索。</p>
</div>

东京应化工业株式会社（TSE:4186）的交易价格是否低于其价值 29%？