<h3>关键洞察</h3>
<ul>
<li>使用两阶段自由现金流折现法，Kinden 的公允价值估计为 5312 日元</li>
<li>根据当前股价 6891 日元，Kinden 估计被高估 30%</li>
<li>我们的公允价值估计比 Kinden 分析师的价格目标 6033 日元低 12%</li>
</ul>
<p>今天我们将通过一种方法来估算 Kinden Corporation（TSE:1944）的内在价值，即将预期的未来现金流折现到其现值。这将使用折现现金流（DCF）模型来完成。信不信由你，这并不难理解，正如我们示例中所展示的那样！</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其计算原理。</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工作。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>计算</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会减缓其减少速度，而自由现金流增长的公司在此期间的增长率会放缓。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，因此这些未来现金流的总和会折现到今天的价值：</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¥14.7b</td>
<td>JP¥52.5b</td>
<td>JP¥57.5b</td>
<td>JP¥60.9b</td>
<td>JP¥63.6b</td>
<td>JP¥65.6b</td>
<td>JP¥67.3b</td>
<td>JP¥68.5b</td>
<td>JP¥69.6b</td>
<td>JP¥70.4b</td>
</tr>
<tr>
<td><strong>增长率估计来源</strong></td>
<td>分析师 x4</td>
<td>分析师 x4</td>
<td>分析师 x4</td>
<td>估计 @ 6.00%</td>
<td>估计 @ 4.38%</td>
<td>估计 @ 3.24%</td>
<td>估计 @ 2.45%</td>
<td>估计 @ 1.90%</td>
<td>估计 @ 1.51%</td>
<td>估计 @ 1.24%</td>
</tr>
<tr>
<td><strong>现值（¥，百万）按 6.5% 折现</strong></td>
<td>JP¥13.8k</td>
<td>JP¥46.3k</td>
<td>JP¥47.6k</td>
<td>JP¥47.4k</td>
<td>JP¥46.5k</td>
<td>JP¥45.1k</td>
<td>JP¥43.4k</td>
<td>JP¥41.5k</td>
<td>JP¥39.6k</td>
<td>JP¥37.6k</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> = JP¥409b</p>
<p>我们现在需要计算终值，它考虑了这十年期之后的所有未来现金流。使用戈登增长公式计算终值，假设未来年增长率等于 10 年期国债收益率的 5 年平均值 0.6%。我们以 6.5% 的股本成本将终端现金流折现到今天的价值。</p>
<p><strong>终值（TV）</strong> = FCF2035 × (1 + g) ÷ (r – g) = JP¥70b× (1 + 0.6%) ÷ (6.5%– 0.6%) = JP¥1.2t</p>
<p><strong>终值现值（PVTV）</strong> = TV / (1 + r) 10= JP¥1.2t÷ ( 1 + 6.5%) 10= JP¥644b</p>
<p>总价值是未来十年的现金流总和加上折现后的终值，这样得出的总股本价值在本例中为 JP¥1.1t。最后一步是将股本价值除以流通股数。相对于当前股价 6890 日元，该公司在撰写时似乎略显高估。然而，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/880745-dcf-1-dark-2/1765667243837?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/880745-dcf-1-dark-2/1765667243837"/></p>
<p>TSE:1944 折现现金流 2025 年 12 月 13 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的自我评估，因此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，因此它并不能全面反映公司的潜在表现。鉴于我们将 Kinden 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 6.5%，这是基于 1.119 的杠杆贝塔。贝塔是衡量股票波动性相对于整体市场的指标。我们从全球可比公司的行业平均贝塔中获得我们的贝塔，并设定在 0.8 到 2.0 之间的限制，这是一个适合稳定企业的合理范围。</p>
<p>查看我们对 Kinden 的最新分析</p>
<h3>Kinden 的 SWOT 分析</h3>
<p><strong>优势</strong></p>
<ul>
<li>过去一年收益增长超过行业水平。</li>
</ul>
<ul>
<li>债务不被视为风险。</li>
</ul>
<p>1944 的资产负债表摘要。</p>
<p><strong>劣势</strong></p>
<ul>
<li>与建筑市场前 25% 的分红支付者相比，分红较低。</li>
</ul>
<ul>
<li>根据市盈率和估计公允价值来看，估值较高。</li>
</ul>
<p><strong>机会</strong></p>
<ul>
<li>预计未来 3 年年收益将持续增长。</li>
</ul>
<p><strong>威胁</strong></p>
<ul>
<li>分红未被现金流覆盖。</li>
</ul>
<ul>
<li>预计年收益增长速度慢于日本市场。</li>
</ul>
<p>查看 1944 的分红历史。</p>
<h2>继续前进：</h2>
<p>尽管重要，但 DCF 计算不应是您研究公司的唯一指标。DCF 模型并不是投资估值的终极标准。相反，它应该被视为一个指南，帮助您思考 “哪些假设需要成立，以使这只股票被低估/高估？” 如果一家公司以不同的速度增长，或者其股本成本或无风险利率发生剧烈变化，输出结果可能会大相径庭。我们能否找出为什么这家公司以高于内在价值的价格交易？对于 Kinden，我们整理了三个您应该进一步审查的额外因素：</p>
<ol>
<li><strong>风险</strong>：例如，我们发现 <strong>Kinden 有 1 个警告信号</strong>，您需要在投资前考虑。</li>
<li><strong>未来收益</strong>：1944 年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，深入挖掘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 每天都会更新每只日本股票的 DCF 计算，因此如果您想找到其他股票的内在价值，只需在这里搜索。</p>
<p>国防和灾难的移动基础设施</p>
<p>下一波机器人技术不是类人型的。它是完全自主的塔，在 30 分钟内提供 5G、ISR 和雷达，随时随地。</p>
<p>在下一轮合同之前获取投资者简报</p>
<p>由 CiTech 赞助</p>

1944

<p>近电株式会社（TSE:1944）根据其当前股价 JP¥6,891，估计被高估 23%，其公允价值为 JP¥5,312，使用的是折现现金流模型。分析强调了考虑未来现金流和折现率的重要性，同时指出了 DCF 在考虑行业周期性和资本需求方面的局限性。鼓励投资者自行评估公司的未来表现</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, Kinden fair value estimate is JP¥5,312</li>
<li>Kinden is estimated to be 30% overvalued based on current share price of JP¥6,891</li>
<li>Our fair value estimate is 12% lower than Kinden's analyst price target of JP¥6,033</li>
</ul>
<div class="lb-trans"><ul>
<li>使用两阶段自由现金流折现法，Kinden 的公允价值估计为 5312 日元</li>
<li>根据当前股价 6891 日元，Kinden 估计被高估 30%</li>
<li>我们的公允价值估计比 Kinden 分析师的价格目标 6033 日元低 12%</li>
</ul>
</div><p>Today we will run through one way of estimating the intrinsic value of Kinden Corporation (TSE:1944) by taking the expected future cash flows and discounting them to their present value. This will be done using the Discounted Cash Flow (DCF) model. Believe it or not, it's not too difficult to follow, as you'll see from our example!</p>
<div class="lb-trans"><p>今天我们将通过一种方法来估算 Kinden Corporation（TSE:1944）的内在价值，即将预期的未来现金流折现到其现值。这将使用折现现金流（DCF）模型来完成。信不信由你，这并不难理解，正如我们示例中所展示的那样！</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其计算原理。</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工作。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>The Calculation</h2>
<div class="lb-trans"><h2>计算</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会减缓其减少速度，而自由现金流增长的公司在此期间的增长率会放缓。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, and so the sum of these future cash flows is then discounted to today's value:</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，因此这些未来现金流的总和会折现到今天的价值：</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¥14.7b</td>
<td>JP¥52.5b</td>
<td>JP¥57.5b</td>
<td>JP¥60.9b</td>
<td>JP¥63.6b</td>
<td>JP¥65.6b</td>
<td>JP¥67.3b</td>
<td>JP¥68.5b</td>
<td>JP¥69.6b</td>
<td>JP¥70.4b</td>
</tr>
<tr>
<td><strong>Growth Rate Estimate Source</strong></td>
<td>Analyst x4</td>
<td>Analyst x4</td>
<td>Analyst x4</td>
<td>Est @ 6.00%</td>
<td>Est @ 4.38%</td>
<td>Est @ 3.24%</td>
<td>Est @ 2.45%</td>
<td>Est @ 1.90%</td>
<td>Est @ 1.51%</td>
<td>Est @ 1.24%</td>
</tr>
<tr>
<td><strong>Present Value (¥, Millions) Discounted @ 6.5%</strong></td>
<td>JP¥13.8k</td>
<td>JP¥46.3k</td>
<td>JP¥47.6k</td>
<td>JP¥47.4k</td>
<td>JP¥46.5k</td>
<td>JP¥45.1k</td>
<td>JP¥43.4k</td>
<td>JP¥41.5k</td>
<td>JP¥39.6k</td>
<td>JP¥37.6k</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¥14.7b</td>
<td>JP¥52.5b</td>
<td>JP¥57.5b</td>
<td>JP¥60.9b</td>
<td>JP¥63.6b</td>
<td>JP¥65.6b</td>
<td>JP¥67.3b</td>
<td>JP¥68.5b</td>
<td>JP¥69.6b</td>
<td>JP¥70.4b</td>
</tr>
<tr>
<td><strong>增长率估计来源</strong></td>
<td>分析师 x4</td>
<td>分析师 x4</td>
<td>分析师 x4</td>
<td>估计 @ 6.00%</td>
<td>估计 @ 4.38%</td>
<td>估计 @ 3.24%</td>
<td>估计 @ 2.45%</td>
<td>估计 @ 1.90%</td>
<td>估计 @ 1.51%</td>
<td>估计 @ 1.24%</td>
</tr>
<tr>
<td><strong>现值（¥，百万）按 6.5% 折现</strong></td>
<td>JP¥13.8k</td>
<td>JP¥46.3k</td>
<td>JP¥47.6k</td>
<td>JP¥47.4k</td>
<td>JP¥46.5k</td>
<td>JP¥45.1k</td>
<td>JP¥43.4k</td>
<td>JP¥41.5k</td>
<td>JP¥39.6k</td>
<td>JP¥37.6k</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¥409b</p>
<div class="lb-trans"><p><strong>10 年现金流现值（PVCF）</strong> = JP¥409b</p>
</div><p>We now need to calculate the Terminal Value, which accounts for all the future cash flows after this ten year period. 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 0.6%. We discount the terminal cash flows to today's value at a cost of equity of 6.5%.</p>
<div class="lb-trans"><p>我们现在需要计算终值，它考虑了这十年期之后的所有未来现金流。使用戈登增长公式计算终值，假设未来年增长率等于 10 年期国债收益率的 5 年平均值 0.6%。我们以 6.5% 的股本成本将终端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¥70b× (1 + 0.6%) ÷ (6.5%– 0.6%) = JP¥1.2t</p>
<div class="lb-trans"><p><strong>终值（TV）</strong> = FCF2035 × (1 + g) ÷ (r – g) = JP¥70b× (1 + 0.6%) ÷ (6.5%– 0.6%) = JP¥1.2t</p>
</div><p><strong>Present Value of Terminal Value (PVTV)</strong> = TV / (1 + r) 10= JP¥1.2t÷ ( 1 + 6.5%) 10= JP¥644b</p>
<div class="lb-trans"><p><strong>终值现值（PVTV）</strong> = TV / (1 + r) 10= JP¥1.2t÷ ( 1 + 6.5%) 10= JP¥644b</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¥1.1t. The last step is to then divide the equity value by the number of shares outstanding. Relative to the current share price of JP¥6.9k, the company appears slightly overvalued at the time of writing. 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，这样得出的总股本价值在本例中为 JP¥1.1t。最后一步是将股本价值除以流通股数。相对于当前股价 6890 日元，该公司在撰写时似乎略显高估。然而，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/880745-dcf-1-dark-2/1765667243837" alt="" original-src="https://images.simplywall.st/asset/chart/880745-dcf-1-dark-2/1765667243837"/></p>
<p>TSE:1944 Discounted Cash Flow December 13th 2025</p>
<div class="lb-trans"><p>TSE:1944 折现现金流 2025 年 12 月 13 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 Kinden 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 6.5%, which is based on a levered beta of 1.119. 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 也没有考虑行业的周期性或公司的未来资本需求，因此它并不能全面反映公司的潜在表现。鉴于我们将 Kinden 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 6.5%，这是基于 1.119 的杠杆贝塔。贝塔是衡量股票波动性相对于整体市场的指标。我们从全球可比公司的行业平均贝塔中获得我们的贝塔，并设定在 0.8 到 2.0 之间的限制，这是一个适合稳定企业的合理范围。</p>
</div><p>See our latest analysis for Kinden</p>
<div class="lb-trans"><p>查看我们对 Kinden 的最新分析</p>
</div><h3>SWOT Analysis for Kinden</h3>
<div class="lb-trans"><h3>Kinden 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>过去一年收益增长超过行业水平。</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 1944.</p>
<div class="lb-trans"><p>1944 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 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><ul>
<li>Expensive based on P/E ratio and estimated fair value.</li>
</ul>
<div class="lb-trans"><ul>
<li>根据市盈率和估计公允价值来看，估值较高。</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 for the next 3 years.</li>
</ul>
<div class="lb-trans"><ul>
<li>预计未来 3 年年收益将持续增长。</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>预计年收益增长速度慢于日本市场。</li>
</ul>
</div><p>See 1944's dividend history.</p>
<div class="lb-trans"><p>查看 1944 的分红历史。</p>
</div><h2>Moving On:</h2>
<div class="lb-trans"><h2>继续前进：</h2>
</div><p>Whilst important, the DCF calculation shouldn't be the only metric you look at when researching a company. DCF models are not the be-all and end-all of investment valuation. Rather it should be seen as a guide to &#34;what assumptions need to be true for this stock to be under/overvalued?&#34; If a company grows at a different rate, or if its cost of equity or risk free rate changes sharply, the output can look very different. Can we work out why the company is trading at a premium to intrinsic value? For Kinden, we've compiled three additional factors you should further examine:</p>
<div class="lb-trans"><p>尽管重要，但 DCF 计算不应是您研究公司的唯一指标。DCF 模型并不是投资估值的终极标准。相反，它应该被视为一个指南，帮助您思考 “哪些假设需要成立，以使这只股票被低估/高估？” 如果一家公司以不同的速度增长，或者其股本成本或无风险利率发生剧烈变化，输出结果可能会大相径庭。我们能否找出为什么这家公司以高于内在价值的价格交易？对于 Kinden，我们整理了三个您应该进一步审查的额外因素：</p>
</div><ol>
<li><strong>Risks</strong>: As an example, we've found <strong>1 warning sign for Kinden</strong> that you need to consider before investing here.</li>
<li><strong>Future Earnings</strong>: How does 1944'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>风险</strong>：例如，我们发现 <strong>Kinden 有 1 个警告信号</strong>，您需要在投资前考虑。</li>
<li><strong>未来收益</strong>：1944 年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，深入挖掘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. 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，因此如果您想找到其他股票的内在价值，只需在这里搜索。</p>
</div><p>Mobile Infrastructure for Defense and Disaster</p>
<div class="lb-trans"><p>国防和灾难的移动基础设施</p>
</div><p>The next wave in robotics isn't humanoid. Its fully autonomous towers delivering 5G, ISR, and radar in under 30 minutes, anywhere.</p>
<div class="lb-trans"><p>下一波机器人技术不是类人型的。它是完全自主的塔，在 30 分钟内提供 5G、ISR 和雷达，随时随地。</p>
</div><p>Get the investor briefing before the next round of contracts</p>
<div class="lb-trans"><p>在下一轮合同之前获取投资者简报</p>
</div><p>Sponsored On Behalf of CiTech</p>
<div class="lb-trans"><p>由 CiTech 赞助</p>
</div>

Kinden Corporation（东京证券交易所代码：1944）的内在价值可能低于其股价 23%