<h3>关键洞察</h3>
<ul>
<li>使用两阶段自由现金流折现法，资生堂公司的公允价值估计为 3,614 日元</li>
<li>资生堂公司的 2,345 日元股价表明其可能被低估 35%</li>
<li>4911 的分析师目标价为 2,551 日元，比我们的公允价值估计低 29%</li>
</ul>
<p>在本文中，我们将通过考虑预期未来现金流并将其折现到现值来估算资生堂公司（TSE:4911）的内在价值。我们将应用折现现金流（DCF）模型来实现这一目标。信不信由你，这并不难理解，正如我们示例所示！</p>
<p>我们通常认为，一家公司的价值是其未来将产生的所有现金的现值。然而，DCF 只是众多估值指标中的一种，并不是没有缺陷。任何对内在价值感兴趣的人都应该阅读一下 Simply Wall St 的分析模型。</p>
<p>特朗普承诺要 “释放” 美国的石油和天然气，这 15 只美国股票的发展将受益。</p>
<h2>资生堂公司是否被合理估值？</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，公司可能会有更高的增长率，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，我们会从上一个估计或报告的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缩减速度，而自由现金流增长的公司在此期间将看到其增长率放缓。我们这样做是为了反映出增长在早期阶段往往比后期阶段更容易放缓。</p>
<p>DCF 的核心思想是未来的一美元比今天的一美元价值更低，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¥52.0b</td>
<td>JP¥57.0b</td>
<td>JP¥71.7b</td>
<td>JP¥76.6b</td>
<td>JP¥80.0b</td>
<td>JP¥82.6b</td>
<td>JP¥84.7b</td>
<td>JP¥86.3b</td>
<td>JP¥87.6b</td>
<td>JP¥88.7b</td>
</tr>
<tr>
<td><strong>增长率估计来源</strong></td>
<td>分析师 x5</td>
<td>分析师 x4</td>
<td>分析师 x1</td>
<td>分析师 x1</td>
<td>估计 @ 4.44%</td>
<td>估计 @ 3.29%</td>
<td>估计 @ 2.48%</td>
<td>估计 @ 1.92%</td>
<td>估计 @ 1.52%</td>
<td>估计 @ 1.25%</td>
</tr>
<tr>
<td><strong>现值（¥，百万）按 6.1% 折现</strong></td>
<td>JP¥49.0k</td>
<td>JP¥50.7k</td>
<td>JP¥60.0k</td>
<td>JP¥60.4k</td>
<td>JP¥59.5k</td>
<td>JP¥57.9k</td>
<td>JP¥55.9k</td>
<td>JP¥53.7k</td>
<td>JP¥51.4k</td>
<td>JP¥49.0k</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¥548b</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，这涵盖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（0.6%）来估算未来增长。与 10 年的 “增长” 期一样，我们使用 6.1% 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¥89b× (1 + 0.6%) ÷ (6.1%– 0.6%) = JP¥1.6t</p>
<p><strong>终值现值（PVTV）</strong> = TV / (1 + r) 10= JP¥1.6t÷ ( 1 + 6.1%) 10= JP¥896b</p>
<p>总价值是未来十年的现金流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¥1.4t。要获得每股的内在价值，我们将其除以总的流通股数。相对于当前的 2,300 日元股价，该公司在当前股价交易的基础上似乎相当有价值，折扣为 35%。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/409474-dcf-1-dark-2/1765063676472?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/409474-dcf-1-dark-2/1765063676472"/></p>
<p>TSE:4911 折现现金流 2025 年 12 月 6 日</p>
<h2>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的自我评估，因此尝试自己进行计算并检查自己的假设。DCF 还不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。鉴于我们将资生堂公司视为潜在股东，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 6.1%，这是基于 1.049 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，并施加了 0.8 到 2.0 之间的限制，这是一个稳定业务的合理范围。</p>
<p>查看我们对资生堂公司的最新分析</p>
<h3>资生堂公司的 SWOT 分析</h3>
<p><strong>优势</strong></p>
<ul>
<li>债务由现金流良好覆盖。</li>
</ul>
<p>4911 的资产负债表摘要。</p>
<p><strong>劣势</strong></p>
<ul>
<li>债务的利息支付覆盖不足。</li>
</ul>
<ul>
<li>与个人护理市场前 25% 的分红支付者相比，分红较低。</li>
</ul>
<p><strong>机会</strong></p>
<ul>
<li>预计明年将实现盈亏平衡。</li>
</ul>
<ul>
<li>根据当前的自由现金流，拥有超过 3 年的现金流动性。</li>
</ul>
<ul>
<li>基于市销率和估计的公允价值，具有良好的价值。</li>
</ul>
<p><strong>威胁</strong></p>
<ul>
<li>公司支付股息但未盈利。</li>
</ul>
<p>查看 4911 的股息历史。</p>
<h2>展望未来：</h2>
<p>虽然公司的估值很重要，但理想情况下，它不应是你对公司进行分析时唯一关注的内容。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，如果终值增长率稍作调整，可能会显著改变整体结果。我们能找出为什么该公司以低于内在价值的价格交易吗？对于资生堂公司，我们整理了三个相关因素，您应该进一步研究：</p>
<ol>
<li><strong>风险</strong>：我们认为在投资资生堂公司之前，您应该评估我们标记的 <strong>1 个警告信号</strong>。</li>
<li><strong>未来收益</strong>：4911 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>其他稳健企业</strong>：低负债、高股本回报率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，看看是否还有其他您可能未考虑的公司！</li>
</ol>
<p>PS. Simply Wall St 应用程序每天对 TSE 上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，请在此搜索。</p>

资生堂

<p>资生堂公司（东京证券交易所代码：4911）根据现金流折现模型（DCF）估计被低估了 35%，其公允价值为 3,614 日元，而当前股价为 2,345 日元。该分析使用了两阶段增长模型来预测未来现金流并将其折现为现值。每股内在价值表明存在显著折扣，但估值可能会根据假设和市场条件而有所不同</p>

<h3>Key Insights</h3>
<div class="lb-trans"><h3>关键洞察</h3>
</div><ul>
<li>Using the 2 Stage Free Cash Flow to Equity, Shiseido Company fair value estimate is JP¥3,614</li>
<li>Shiseido Company's JP¥2,345 share price signals that it might be 35% undervalued</li>
<li>The JP¥2,551 analyst price target for 4911 is 29% less than our estimate of fair value</li>
</ul>
<div class="lb-trans"><ul>
<li>使用两阶段自由现金流折现法，资生堂公司的公允价值估计为 3,614 日元</li>
<li>资生堂公司的 2,345 日元股价表明其可能被低估 35%</li>
<li>4911 的分析师目标价为 2,551 日元，比我们的公允价值估计低 29%</li>
</ul>
</div><p>In this article we are going to estimate the intrinsic value of Shiseido Company, Limited (TSE:4911) by taking the expected future cash flows and discounting them to their present value. The Discounted Cash Flow (DCF) model is the tool we will apply to do this. Believe it or not, it's not too difficult to follow, as you'll see from our example!</p>
<div class="lb-trans"><p>在本文中，我们将通过考虑预期未来现金流并将其折现到现值来估算资生堂公司（TSE:4911）的内在价值。我们将应用折现现金流（DCF）模型来实现这一目标。信不信由你，这并不难理解，正如我们示例所示！</p>
</div><p>We generally believe that a company's value is the present value of all of the cash it will generate in the future. However, a DCF is just one valuation metric among many, and it is not without flaws. Anyone interested in learning a bit more about intrinsic value should have a read of the Simply Wall St analysis model.</p>
<div class="lb-trans"><p>我们通常认为，一家公司的价值是其未来将产生的所有现金的现值。然而，DCF 只是众多估值指标中的一种，并不是没有缺陷。任何对内在价值感兴趣的人都应该阅读一下 Simply Wall St 的分析模型。</p>
</div><p>Trump has pledged to &#34;unleash&#34; American oil and gas and these 15 US stocks have developments that are poised to benefit.</p>
<div class="lb-trans"><p>特朗普承诺要 “释放” 美国的石油和天然气，这 15 只美国股票的发展将受益。</p>
</div><h2>Is Shiseido Company Fairly Valued?</h2>
<div class="lb-trans"><h2>资生堂公司是否被合理估值？</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，公司可能会有更高的增长率，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，我们会从上一个估计或报告的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缩减速度，而自由现金流增长的公司在此期间将看到其增长率放缓。我们这样做是为了反映出增长在早期阶段往往比后期阶段更容易放缓。</p>
</div><p>A DCF is all about the idea that a dollar in the future is less valuable than a dollar today, 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>DCF 的核心思想是未来的一美元比今天的一美元价值更低，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¥52.0b</td>
<td>JP¥57.0b</td>
<td>JP¥71.7b</td>
<td>JP¥76.6b</td>
<td>JP¥80.0b</td>
<td>JP¥82.6b</td>
<td>JP¥84.7b</td>
<td>JP¥86.3b</td>
<td>JP¥87.6b</td>
<td>JP¥88.7b</td>
</tr>
<tr>
<td><strong>Growth Rate Estimate Source</strong></td>
<td>Analyst x5</td>
<td>Analyst x4</td>
<td>Analyst x1</td>
<td>Analyst x1</td>
<td>Est @ 4.44%</td>
<td>Est @ 3.29%</td>
<td>Est @ 2.48%</td>
<td>Est @ 1.92%</td>
<td>Est @ 1.52%</td>
<td>Est @ 1.25%</td>
</tr>
<tr>
<td><strong>Present Value (¥, Millions) Discounted @ 6.1%</strong></td>
<td>JP¥49.0k</td>
<td>JP¥50.7k</td>
<td>JP¥60.0k</td>
<td>JP¥60.4k</td>
<td>JP¥59.5k</td>
<td>JP¥57.9k</td>
<td>JP¥55.9k</td>
<td>JP¥53.7k</td>
<td>JP¥51.4k</td>
<td>JP¥49.0k</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¥52.0b</td>
<td>JP¥57.0b</td>
<td>JP¥71.7b</td>
<td>JP¥76.6b</td>
<td>JP¥80.0b</td>
<td>JP¥82.6b</td>
<td>JP¥84.7b</td>
<td>JP¥86.3b</td>
<td>JP¥87.6b</td>
<td>JP¥88.7b</td>
</tr>
<tr>
<td><strong>增长率估计来源</strong></td>
<td>分析师 x5</td>
<td>分析师 x4</td>
<td>分析师 x1</td>
<td>分析师 x1</td>
<td>估计 @ 4.44%</td>
<td>估计 @ 3.29%</td>
<td>估计 @ 2.48%</td>
<td>估计 @ 1.92%</td>
<td>估计 @ 1.52%</td>
<td>估计 @ 1.25%</td>
</tr>
<tr>
<td><strong>现值（¥，百万）按 6.1% 折现</strong></td>
<td>JP¥49.0k</td>
<td>JP¥50.7k</td>
<td>JP¥60.0k</td>
<td>JP¥60.4k</td>
<td>JP¥59.5k</td>
<td>JP¥57.9k</td>
<td>JP¥55.9k</td>
<td>JP¥53.7k</td>
<td>JP¥51.4k</td>
<td>JP¥49.0k</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¥548b</p>
<div class="lb-trans"><p><strong>10 年现金流现值（PVCF）</strong> = JP¥548b</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 (0.6%) 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 6.1%.</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，这涵盖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（0.6%）来估算未来增长。与 10 年的 “增长” 期一样，我们使用 6.1% 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¥89b× (1 + 0.6%) ÷ (6.1%– 0.6%) = JP¥1.6t</p>
<div class="lb-trans"><p><strong>终值（TV）</strong> = FCF2035 × (1 + g) ÷ (r – g) = JP¥89b× (1 + 0.6%) ÷ (6.1%– 0.6%) = JP¥1.6t</p>
</div><p><strong>Present Value of Terminal Value (PVTV)</strong> = TV / (1 + r) 10= JP¥1.6t÷ ( 1 + 6.1%) 10= JP¥896b</p>
<div class="lb-trans"><p><strong>终值现值（PVTV）</strong> = TV / (1 + r) 10= JP¥1.6t÷ ( 1 + 6.1%) 10= JP¥896b</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¥1.4t. 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¥2.3k, the company appears quite good value at a 35% 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的终值，这导致总股本价值，在这种情况下为 JP¥1.4t。要获得每股的内在价值，我们将其除以总的流通股数。相对于当前的 2,300 日元股价，该公司在当前股价交易的基础上似乎相当有价值，折扣为 35%。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/409474-dcf-1-dark-2/1765063676472" alt="" original-src="https://images.simplywall.st/asset/chart/409474-dcf-1-dark-2/1765063676472"/></p>
<p>TSE:4911 Discounted Cash Flow December 6th 2025</p>
<div class="lb-trans"><p>TSE:4911 折现现金流 2025 年 12 月 6 日</p>
</div><h2>The Assumptions</h2>
<div class="lb-trans"><h2>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 Shiseido Company 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 6.1%, which is based on a levered beta of 1.049. 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的自我评估，因此尝试自己进行计算并检查自己的假设。DCF 还不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。鉴于我们将资生堂公司视为潜在股东，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 6.1%，这是基于 1.049 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，并施加了 0.8 到 2.0 之间的限制，这是一个稳定业务的合理范围。</p>
</div><p>See our latest analysis for Shiseido Company</p>
<div class="lb-trans"><p>查看我们对资生堂公司的最新分析</p>
</div><h3>SWOT Analysis for Shiseido Company</h3>
<div class="lb-trans"><h3>资生堂公司的 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 cash flow.</li>
</ul>
<div class="lb-trans"><ul>
<li>债务由现金流良好覆盖。</li>
</ul>
</div><p>Balance sheet summary for 4911.</p>
<div class="lb-trans"><p>4911 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>Interest payments on debt are not well covered.</li>
</ul>
<div class="lb-trans"><ul>
<li>债务的利息支付覆盖不足。</li>
</ul>
</div><ul>
<li>Dividend is low compared to the top 25% of dividend payers in the Personal Products market.</li>
</ul>
<div class="lb-trans"><ul>
<li>与个人护理市场前 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>Expected to breakeven next year.</li>
</ul>
<div class="lb-trans"><ul>
<li>预计明年将实现盈亏平衡。</li>
</ul>
</div><ul>
<li>Has sufficient cash runway for more than 3 years based on current free cash flows.</li>
</ul>
<div class="lb-trans"><ul>
<li>根据当前的自由现金流，拥有超过 3 年的现金流动性。</li>
</ul>
</div><ul>
<li>Good value based on P/S ratio and estimated fair value.</li>
</ul>
<div class="lb-trans"><ul>
<li>基于市销率和估计的公允价值，具有良好的价值。</li>
</ul>
</div><p><strong>Threat</strong></p>
<div class="lb-trans"><p><strong>威胁</strong></p>
</div><ul>
<li>Paying a dividend but company is unprofitable.</li>
</ul>
<div class="lb-trans"><ul>
<li>公司支付股息但未盈利。</li>
</ul>
</div><p>See 4911's dividend history.</p>
<div class="lb-trans"><p>查看 4911 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 ideally won't be the sole piece of analysis you scrutinize 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 instance, if the terminal value growth rate is adjusted slightly, it can dramatically alter the overall result. Can we work out why the company is trading at a discount to intrinsic value? For Shiseido Company, we've put together three relevant factors you should further research:</p>
<div class="lb-trans"><p>虽然公司的估值很重要，但理想情况下，它不应是你对公司进行分析时唯一关注的内容。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，如果终值增长率稍作调整，可能会显著改变整体结果。我们能找出为什么该公司以低于内在价值的价格交易吗？对于资生堂公司，我们整理了三个相关因素，您应该进一步研究：</p>
</div><ol>
<li><strong>Risks</strong>: We feel that you should assess the <strong>1 warning sign for Shiseido Company</strong> we've flagged before making an investment in the company.</li>
<li><strong>Future Earnings</strong>: How does 4911'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>：我们认为在投资资生堂公司之前，您应该评估我们标记的 <strong>1 个警告信号</strong>。</li>
<li><strong>未来收益</strong>：4911 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>其他稳健企业</strong>：低负债、高股本回报率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，看看是否还有其他您可能未考虑的公司！</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 TSE 上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，请在此搜索。</p>
</div>

资生堂公司（TSE:4911）是否存在 35% 低估的投资机会？