<h3>关键洞察</h3>
<ul>
<li>西部控股的估计公允价值为 JP¥3,552，基于两阶段自由现金流折现法</li>
<li>当前股价为 JP¥1,961，表明西部控股可能被低估 45%</li>
<li>分析师对 1407 的目标价为 JP¥3,260，比我们的公允价值估计低 8.2%</li>
</ul>
<p>西部控股公司（TSE:1407）9 月份的股价是否反映了它的真实价值？今天，我们将通过预测其未来现金流并将其折现到今天的价值来估算该股票的内在价值。这将使用折现现金流（DCF）模型进行。尽管这看起来可能相当复杂，但实际上并没有那么复杂。</p>
<p>公司可以通过多种方式进行估值，因此我们要指出，DCF 并不适用于每种情况。如果您对这种估值方法仍有疑问，请查看 Simply Wall St 的分析模型。</p>
<p>这项技术可能会取代计算机：发现 20 家正在努力使量子计算成为现实的股票。</p>
<h2>西部控股的估值是否合理？</h2>
<p>我们使用两阶段增长模型，这意味着我们考虑公司的两个增长阶段。在初始阶段，公司可能具有更高的增长率，而第二阶段通常假设为稳定的增长率。在第一阶段，我们需要估算未来十年内公司的现金流。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，我们从上一个估计或报告值中推断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增长在早期年份往往比后期年份放缓得更快。</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>JP¥7.13b</td>
<td>JP¥9.23b</td>
<td>JP¥10.6b</td>
<td>JP¥12.0b</td>
<td>JP¥13.0b</td>
<td>JP¥13.8b</td>
<td>JP¥14.4b</td>
<td>JP¥14.8b</td>
<td>JP¥15.1b</td>
<td>JP¥15.4b</td>
</tr>
<tr>
<td><strong>增长率估计来源</strong></td>
<td>分析师 x1</td>
<td>分析师 x1</td>
<td>分析师 x1</td>
<td>分析师 x1</td>
<td>估计 @ 8.12%</td>
<td>估计 @ 5.84%</td>
<td>估计 @ 4.24%</td>
<td>估计 @ 3.13%</td>
<td>估计 @ 2.34%</td>
<td>估计 @ 1.80%</td>
</tr>
<tr>
<td><strong>现值（¥，百万）按 9.7% 折现</strong></td>
<td>JP¥6.5k</td>
<td>JP¥7.7k</td>
<td>JP¥8.1k</td>
<td>JP¥8.3k</td>
<td>JP¥8.2k</td>
<td>JP¥7.9k</td>
<td>JP¥7.5k</td>
<td>JP¥7.1k</td>
<td>JP¥6.6k</td>
<td>JP¥6.1k</td>
</tr>
</tbody>
</table>
<p><em>(&#34;Est&#34; = FCF 增长率由 Simply Wall St 估计)</em></p>
<p><strong>10 年现金流现值（PVCF）</strong> = JP¥74b</p>
<p>在计算初始 10 年期间未来现金流的现值后，我们需要计算终值，该终值考虑了第一阶段之后的所有未来现金流。由于多种原因，使用的增长率非常保守，不能超过一个国家的 GDP 增长率。在这种情况下，我们使用了 10 年期国债收益率的 5 年平均值（0.5%）来估算未来增长。与 10 年的 “增长” 期一样，我们使用 9.7% 的股本成本将未来现金流折现到今天的价值。</p>
<p><strong>终值（TV）</strong> = FCF2035 × (1 + g) ÷ (r – g) = JP¥15b× (1 + 0.5%) ÷ (9.7%– 0.5%) = JP¥169b</p>
<p><strong>终值现值（PVTV）</strong> = TV / (1 + r) 10= JP¥169b÷ ( 1 + 9.7%) 10= JP¥67b</p>
<p>总价值是未来十年现金流的总和加上折现的终值，这导致总股本价值，在这种情况下为 JP¥141b。在最后一步中，我们将股本价值除以流通股数。与当前股价 JP¥2.0k 相比，该公司在当前股价交易的基础上显得相当有价值，折扣为 45%。不过，估值是一种不精确的工具，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/25873509-dcf-1-dark-2/1758937713847?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/25873509-dcf-1-dark-2/1758937713847"/></p>
<p>TSE:1407 折现现金流 2025 年 9 月 27 日</p>
<h2>重要假设</h2>
<p>现在，折现现金流最重要的输入是折现率，当然还有实际现金流。投资的一部分是对公司未来表现进行自己的评估，因此请尝试自己进行计算并检查自己的假设。DCF 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。鉴于我们将西部控股视为潜在股东，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 9.7%，这是基于 1.748 的杠杆贝塔。贝塔是衡量股票相对于整个市场波动性的指标。我们从全球可比公司的行业平均贝塔中获得我们的贝塔，并施加了 0.8 到 2.0 之间的限制，这是稳定业务的合理范围。</p>
<p>查看我们对西部控股的最新分析</p>
<h3>西部控股的 SWOT 分析</h3>
<p><strong>优势</strong></p>
<ul>
<li>债务由收益良好覆盖。</li>
</ul>
<p>1407 的资产负债表摘要。</p>
<p><strong>劣势</strong></p>
<ul>
<li>过去一年收益下降。</li>
</ul>
<ul>
<li>与建筑市场前 25% 的分红支付者相比，分红较低。</li>
</ul>
<p><strong>机会</strong></p>
<ul>
<li>年度收益预计将比日本市场增长更快。</li>
</ul>
<ul>
<li>基于市盈率和估计公允价值的良好价值。</li>
</ul>
<p><strong>威胁</strong></p>
<ul>
<li>债务未能得到经营现金流的良好覆盖。</li>
</ul>
<ul>
<li>支付股息但公司没有自由现金流。</li>
</ul>
<ul>
<li>收入预计每年增长低于 20%。</li>
</ul>
<p>1407 是否具备应对威胁的能力？</p>
<h2>展望未来：</h2>
<p>虽然公司的估值很重要，但它只是评估公司时需要考虑的众多因素之一。使用 DCF 模型无法获得万无一失的估值。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。我们能否找出公司为何以低于内在价值的价格交易？对于 West Holdings，我们整理了三个你应该关注的基本方面：</p>
<ol>
<li><strong>风险</strong>：例如，我们发现了 <strong>West Holdings 的 3 个警告信号</strong>，其中 1 个是显著的。</li>
<li><strong>未来收益</strong>：1407 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，深入了解即将到来的年份的分析师共识数字。</li>
<li><strong>其他稳健企业</strong>：低负债、高股本回报和良好的过往表现是强大企业的基础。为什么不探索我们互动式的稳健企业股票列表，看看是否还有其他你可能未考虑的公司！</li>
</ol>
<p>PS. Simply Wall St 每天都会更新每只日本股票的 DCF 计算，因此如果你想找到其他股票的内在价值，只需在这里搜索。</p>

1407

<p>西部控股公司（TSE:1407）估计被低估了 45%，其公允价值为 3,552 日元，而当前股价为 1,961 日元。分析师设定的目标价为 3,260 日元，比公允价值估算低 8.2%。该估值基于折现现金流（DCF）模型，预测未来现金流并将其折现至现值。总股权价值计算为 1,410 亿日元，表明当前股价存在显著折扣</p>

<h3>Key Insights</h3>
<div class="lb-trans"><h3>关键洞察</h3>
</div><ul>
<li>West Holdings' estimated fair value is JP¥3,552 based on 2 Stage Free Cash Flow to Equity</li>
<li>Current share price of JP¥1,961 suggests West Holdings is potentially 45% undervalued</li>
<li>The JP¥3,260 analyst price target for 1407 is 8.2% less than our estimate of fair value</li>
</ul>
<div class="lb-trans"><ul>
<li>西部控股的估计公允价值为 JP¥3,552，基于两阶段自由现金流折现法</li>
<li>当前股价为 JP¥1,961，表明西部控股可能被低估 45%</li>
<li>分析师对 1407 的目标价为 JP¥3,260，比我们的公允价值估计低 8.2%</li>
</ul>
</div><p>Does the September share price for West Holdings Corporation (TSE:1407) reflect what it's really worth? Today, we will estimate the stock's intrinsic value by projecting its future cash flows and then discounting them to today's value. This will be done using the Discounted Cash Flow (DCF) model. There's really not all that much to it, even though it might appear quite complex.</p>
<div class="lb-trans"><p>西部控股公司（TSE:1407）9 月份的股价是否反映了它的真实价值？今天，我们将通过预测其未来现金流并将其折现到今天的价值来估算该股票的内在价值。这将使用折现现金流（DCF）模型进行。尽管这看起来可能相当复杂，但实际上并没有那么复杂。</p>
</div><p>Companies can be valued in a lot of ways, so we would point out that a DCF is not perfect for every situation. If you still have some burning questions about this type of valuation, take a look at the Simply Wall St analysis model.</p>
<div class="lb-trans"><p>公司可以通过多种方式进行估值，因此我们要指出，DCF 并不适用于每种情况。如果您对这种估值方法仍有疑问，请查看 Simply Wall St 的分析模型。</p>
</div><p>This technology could replace computers: discover the 20 stocks are working to make quantum computing a reality.</p>
<div class="lb-trans"><p>这项技术可能会取代计算机：发现 20 家正在努力使量子计算成为现实的股票。</p>
</div><h2>Is West Holdings Fairly Valued?</h2>
<div class="lb-trans"><h2>西部控股的估值是否合理？</h2>
</div><p>We're using the 2-stage growth model, which simply means we take in account two stages of company's growth. In the initial period the company may have a higher growth rate and the second stage is usually assumed to have a stable growth rate. In the first stage we need to estimate the cash flows to the business over the next ten years. 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>我们使用两阶段增长模型，这意味着我们考虑公司的两个增长阶段。在初始阶段，公司可能具有更高的增长率，而第二阶段通常假设为稳定的增长率。在第一阶段，我们需要估算未来十年内公司的现金流。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，我们从上一个估计或报告值中推断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增长在早期年份往往比后期年份放缓得更快。</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¥7.13b</td>
<td>JP¥9.23b</td>
<td>JP¥10.6b</td>
<td>JP¥12.0b</td>
<td>JP¥13.0b</td>
<td>JP¥13.8b</td>
<td>JP¥14.4b</td>
<td>JP¥14.8b</td>
<td>JP¥15.1b</td>
<td>JP¥15.4b</td>
</tr>
<tr>
<td><strong>Growth Rate Estimate Source</strong></td>
<td>Analyst x1</td>
<td>Analyst x1</td>
<td>Analyst x1</td>
<td>Analyst x1</td>
<td>Est @ 8.12%</td>
<td>Est @ 5.84%</td>
<td>Est @ 4.24%</td>
<td>Est @ 3.13%</td>
<td>Est @ 2.34%</td>
<td>Est @ 1.80%</td>
</tr>
<tr>
<td><strong>Present Value (¥, Millions) Discounted @ 9.7%</strong></td>
<td>JP¥6.5k</td>
<td>JP¥7.7k</td>
<td>JP¥8.1k</td>
<td>JP¥8.3k</td>
<td>JP¥8.2k</td>
<td>JP¥7.9k</td>
<td>JP¥7.5k</td>
<td>JP¥7.1k</td>
<td>JP¥6.6k</td>
<td>JP¥6.1k</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>JP¥7.13b</td>
<td>JP¥9.23b</td>
<td>JP¥10.6b</td>
<td>JP¥12.0b</td>
<td>JP¥13.0b</td>
<td>JP¥13.8b</td>
<td>JP¥14.4b</td>
<td>JP¥14.8b</td>
<td>JP¥15.1b</td>
<td>JP¥15.4b</td>
</tr>
<tr>
<td><strong>增长率估计来源</strong></td>
<td>分析师 x1</td>
<td>分析师 x1</td>
<td>分析师 x1</td>
<td>分析师 x1</td>
<td>估计 @ 8.12%</td>
<td>估计 @ 5.84%</td>
<td>估计 @ 4.24%</td>
<td>估计 @ 3.13%</td>
<td>估计 @ 2.34%</td>
<td>估计 @ 1.80%</td>
</tr>
<tr>
<td><strong>现值（¥，百万）按 9.7% 折现</strong></td>
<td>JP¥6.5k</td>
<td>JP¥7.7k</td>
<td>JP¥8.1k</td>
<td>JP¥8.3k</td>
<td>JP¥8.2k</td>
<td>JP¥7.9k</td>
<td>JP¥7.5k</td>
<td>JP¥7.1k</td>
<td>JP¥6.6k</td>
<td>JP¥6.1k</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 估计)</em></p>
</div><p><strong>Present Value of 10-year Cash Flow (PVCF)</strong> = JP¥74b</p>
<div class="lb-trans"><p><strong>10 年现金流现值（PVCF）</strong> = JP¥74b</p>
</div><p>After calculating the present value of future cash flows in the initial 10-year period, we need to calculate the Terminal Value, which accounts for all future cash flows beyond the first stage. For a number of reasons a very conservative growth rate is used that cannot exceed that of a country's GDP growth. In this case we have used the 5-year average of the 10-year government bond yield (0.5%) to estimate future growth. In the same way as with the 10-year 'growth' period, we discount future cash flows to today's value, using a cost of equity of 9.7%.</p>
<div class="lb-trans"><p>在计算初始 10 年期间未来现金流的现值后，我们需要计算终值，该终值考虑了第一阶段之后的所有未来现金流。由于多种原因，使用的增长率非常保守，不能超过一个国家的 GDP 增长率。在这种情况下，我们使用了 10 年期国债收益率的 5 年平均值（0.5%）来估算未来增长。与 10 年的 “增长” 期一样，我们使用 9.7% 的股本成本将未来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¥15b× (1 + 0.5%) ÷ (9.7%– 0.5%) = JP¥169b</p>
<div class="lb-trans"><p><strong>终值（TV）</strong> = FCF2035 × (1 + g) ÷ (r – g) = JP¥15b× (1 + 0.5%) ÷ (9.7%– 0.5%) = JP¥169b</p>
</div><p><strong>Present Value of Terminal Value (PVTV)</strong> = TV / (1 + r) 10= JP¥169b÷ ( 1 + 9.7%) 10= JP¥67b</p>
<div class="lb-trans"><p><strong>终值现值（PVTV）</strong> = TV / (1 + r) 10= JP¥169b÷ ( 1 + 9.7%) 10= JP¥67b</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¥141b. In the final step we divide the equity value by the number of shares outstanding. Compared to the current share price of JP¥2.0k, the company appears quite good value at a 45% 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>总价值是未来十年现金流的总和加上折现的终值，这导致总股本价值，在这种情况下为 JP¥141b。在最后一步中，我们将股本价值除以流通股数。与当前股价 JP¥2.0k 相比，该公司在当前股价交易的基础上显得相当有价值，折扣为 45%。不过，估值是一种不精确的工具，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/25873509-dcf-1-dark-2/1758937713847" alt="" original-src="https://images.simplywall.st/asset/chart/25873509-dcf-1-dark-2/1758937713847"/></p>
<p>TSE:1407 Discounted Cash Flow September 27th 2025</p>
<div class="lb-trans"><p>TSE:1407 折现现金流 2025 年 9 月 27 日</p>
</div><h2>Important Assumptions</h2>
<div class="lb-trans"><h2>重要假设</h2>
</div><p>Now the most important inputs to a discounted cash flow are the discount rate, and of course, the actual cash flows. Part of investing is coming up with your own evaluation of a company's future performance, so try the calculation yourself and check your own assumptions. 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 West Holdings 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 9.7%, which is based on a levered beta of 1.748. 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>现在，折现现金流最重要的输入是折现率，当然还有实际现金流。投资的一部分是对公司未来表现进行自己的评估，因此请尝试自己进行计算并检查自己的假设。DCF 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。鉴于我们将西部控股视为潜在股东，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 9.7%，这是基于 1.748 的杠杆贝塔。贝塔是衡量股票相对于整个市场波动性的指标。我们从全球可比公司的行业平均贝塔中获得我们的贝塔，并施加了 0.8 到 2.0 之间的限制，这是稳定业务的合理范围。</p>
</div><p>Check out our latest analysis for West Holdings</p>
<div class="lb-trans"><p>查看我们对西部控股的最新分析</p>
</div><h3>SWOT Analysis for West Holdings</h3>
<div class="lb-trans"><h3>西部控股的 SWOT 分析</h3>
</div><p><strong>Strength</strong></p>
<div class="lb-trans"><p><strong>优势</strong></p>
</div><ul>
<li>Debt is well covered by earnings.</li>
</ul>
<div class="lb-trans"><ul>
<li>债务由收益良好覆盖。</li>
</ul>
</div><p>Balance sheet summary for 1407.</p>
<div class="lb-trans"><p>1407 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>Earnings declined over the past year.</li>
</ul>
<div class="lb-trans"><ul>
<li>过去一年收益下降。</li>
</ul>
</div><ul>
<li>Dividend is low compared to the top 25% of dividend payers in the Construction market.</li>
</ul>
<div class="lb-trans"><ul>
<li>与建筑市场前 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 earnings are forecast to grow faster 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更快。</li>
</ul>
</div><ul>
<li>Good value based on P/E ratio and estimated fair value.</li>
</ul>
<div class="lb-trans"><ul>
<li>基于市盈率和估计公允价值的良好价值。</li>
</ul>
</div><p><strong>Threat</strong></p>
<div class="lb-trans"><p><strong>威胁</strong></p>
</div><ul>
<li>Debt is not well covered by operating cash flow.</li>
</ul>
<div class="lb-trans"><ul>
<li>债务未能得到经营现金流的良好覆盖。</li>
</ul>
</div><ul>
<li>Paying a dividend but company has no free cash flows.</li>
</ul>
<div class="lb-trans"><ul>
<li>支付股息但公司没有自由现金流。</li>
</ul>
</div><ul>
<li>Revenue is forecast to grow slower than 20% per year.</li>
</ul>
<div class="lb-trans"><ul>
<li>收入预计每年增长低于 20%。</li>
</ul>
</div><p>Is 1407 well equipped to handle threats?</p>
<div class="lb-trans"><p>1407 是否具备应对威胁的能力？</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. It's not possible to obtain a foolproof valuation with a DCF model. 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. Can we work out why the company is trading at a discount to intrinsic value? For West Holdings, we've put together three fundamental aspects you should look at:</p>
<div class="lb-trans"><p>虽然公司的估值很重要，但它只是评估公司时需要考虑的众多因素之一。使用 DCF 模型无法获得万无一失的估值。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。我们能否找出公司为何以低于内在价值的价格交易？对于 West Holdings，我们整理了三个你应该关注的基本方面：</p>
</div><ol>
<li><strong>Risks</strong>: Case in point, we've spotted <strong>3 warning signs for West Holdings</strong> you should be aware of, and 1 of them is significant.</li>
<li><strong>Future Earnings</strong>: How does 1407'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 Solid Businesses</strong>: Low debt, high returns on equity and good past performance are fundamental to a strong business. Why not explore our interactive list of stocks with solid business fundamentals to see if there are other companies you may not have considered!</li>
</ol>
<div class="lb-trans"><ol>
<li><strong>风险</strong>：例如，我们发现了 <strong>West Holdings 的 3 个警告信号</strong>，其中 1 个是显著的。</li>
<li><strong>未来收益</strong>：1407 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，深入了解即将到来的年份的分析师共识数字。</li>
<li><strong>其他稳健企业</strong>：低负债、高股本回报和良好的过往表现是强大企业的基础。为什么不探索我们互动式的稳健企业股票列表，看看是否还有其他你可能未考虑的公司！</li>
</ol>
</div><p>PS. Simply Wall St updates its DCF calculation for every Japanese stock every day, so if you want to find the intrinsic value of any other stock just search here.</p>
<div class="lb-trans"><p>PS. Simply Wall St 每天都会更新每只日本股票的 DCF 计算，因此如果你想找到其他股票的内在价值，只需在这里搜索。</p>
</div>

West Holdings Corporation（东京证券交易所代码：1407）的股票可能低于其内在价值估计 45%