<h3>关键洞察</h3>
<ul>
<li>使用两阶段自由现金流折现法，ASKA 制药控股有限公司的公允价值估计为 2994 日元</li>
<li>ASKA 制药控股有限公司的 2498 日元股价表明其交易水平与公允价值估计相似</li>
<li>行业平均公允价值折扣为 26%，这表明 ASKA 制药控股有限公司的同行目前交易折扣更高</li>
</ul>
<p>ASKA 制药控股有限公司（TSE:4886）与其内在价值相差多远？使用最新的财务数据，我们将查看该股票是否定价合理，通过将预期未来现金流折现到其现值。我们的分析将采用折现现金流（DCF）模型。不要被术语吓到，背后的数学其实相当简单。</p>
<p>我们通常认为公司的价值是未来所有现金流的现值。然而，DCF 只是众多估值指标之一，并非没有缺陷。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的各个方面进行工作。最棒的是——它们的市值都在 100 亿美元以下——仍然有机会提前布局。</p>
<h2>模型</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，我们需要估计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缩减的公司会减缓其缩减速度，而自由现金流增长的公司在这一期间内其增长率会放缓。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放缓得更快。</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）估计</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¥1.95b</td>
<td>JP¥4.28b</td>
<td>JP¥4.70b</td>
<td>JP¥5.11b</td>
<td>JP¥4.50b</td>
<td>JP¥4.13b</td>
<td>JP¥3.90b</td>
<td>JP¥3.76b</td>
<td>JP¥3.67b</td>
<td>JP¥3.62b</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>分析师 x1</td>
<td>估计 @ -8.11%</td>
<td>估计 @ -5.50%</td>
<td>估计 @ -3.67%</td>
<td>估计 @ -2.39%</td>
<td>估计 @ -1.49%</td>
</tr>
<tr>
<td><strong>现值（¥，百万）折现 @ 4.8%</strong></td>
<td>JP¥1.9k</td>
<td>JP¥3.9k</td>
<td>JP¥4.1k</td>
<td>JP¥4.2k</td>
<td>JP¥3.6k</td>
<td>JP¥3.1k</td>
<td>JP¥2.8k</td>
<td>JP¥2.6k</td>
<td>JP¥2.4k</td>
<td>JP¥2.3k</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¥31b</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。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%）来估计未来增长。与 10 年 “增长” 期相同，我们将未来现金流折现到今天的价值，使用的股本成本为 4.8%。</p>
<p><strong>终值（TV）</strong> = FCF2035 × (1 + g) ÷ (r – g) = JP¥3.6b× (1 + 0.6%) ÷ (4.8%– 0.6%) = JP¥87b</p>
<p><strong>终值现值（PVTV）</strong> = TV / (1 + r) 10= JP¥87b÷ ( 1 + 4.8%) 10= JP¥54b</p>
<p>总价值或股权价值是未来现金流现值的总和，在这种情况下为 JP¥85b。最后一步是将股权价值除以流通在外的股份数。与当前的 2500 日元股价相比，该公司在当前股价交易的基础上大约有 17% 的折扣，似乎接近公允价值。不过，请记住，这只是一个近似估值，像任何复杂的公式一样——输入垃圾，输出垃圾。</p>
<p><img src="https://imageproxy.pbkrs.com/https://images.simplywall.st/asset/chart/687135-dcf-1-dark-2/1769807486020?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/687135-dcf-1-dark-2/1769807486020"/></p>
<p>TSE:4886 折现现金流 2026 年 1 月 30 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，因此并不能全面反映公司的潜在表现。鉴于我们正在将 ASKA 制药控股有限公司视为潜在股东，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。在这个计算中，我们使用了 4.8%，这是基于 0.800 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 ASKA 制药控股有限公司的最新分析</p>
<h3>ASKA 制药控股有限公司的 SWOT 分析</h3>
<p><strong>优势</strong></p>
<ul>
<li>债务由收益良好覆盖。</li>
</ul>
<p>4886 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>与制药市场前 25% 的分红支付者相比，分红较低。</li>
</ul>
<p><strong>机会</strong></p>
<ul>
<li>预计未来 3 年年收益将增长。</li>
</ul>
<ul>
<li>当前股价低于我们估算的公允价值。</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>正在支付股息，但公司没有自由现金流。</li>
</ul>
<p>4886 是否具备应对威胁的能力？</p>
<h2>展望未来：</h2>
<p>估值只是构建投资论点的一方面，它不应是您在研究公司时唯一关注的指标。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。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。对于 ASKA Pharmaceutical Holdings Ltd，我们整理了您应该考虑的三个相关事项：</p>
<ol>
<li><strong>风险</strong>：例如，我们发现 <strong>ASKA Pharmaceutical Holdings Ltd 的 2 个警告信号</strong>，您应该注意。</li>
<li><strong>未来收益</strong>：4886 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>：低债务、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>

4886

<p>使用两阶段自由现金流折现模型，ASKA 制药控股有限公司（TSE:4886）的公允价值估计为 2,994 日元，而其当前股价为 2,498 日元，表明其交易接近公允价值。分析表明，ASKA 的同行交易的公允价值折扣更高。总股权价值估计为 850 亿日元，与当前股价相比有 17% 的折扣。DCF 模型强调了未来现金流和折现率在估值中的重要性</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, ASKA Pharmaceutical HoldingsLtd fair value estimate is JP¥2,994</li>
<li>ASKA Pharmaceutical HoldingsLtd's JP¥2,498 share price indicates it is trading at similar levels as its fair value estimate</li>
<li>Industry average discount to fair value of 26% suggests ASKA Pharmaceutical HoldingsLtd's peers are currently trading at a higher discount</li>
</ul>
<div class="lb-trans"><ul>
<li>使用两阶段自由现金流折现法，ASKA 制药控股有限公司的公允价值估计为 2994 日元</li>
<li>ASKA 制药控股有限公司的 2498 日元股价表明其交易水平与公允价值估计相似</li>
<li>行业平均公允价值折扣为 26%，这表明 ASKA 制药控股有限公司的同行目前交易折扣更高</li>
</ul>
</div><p>How far off is ASKA Pharmaceutical Holdings Co.,Ltd. (TSE:4886) from its intrinsic value? Using the most recent financial data, we'll take a look at whether the stock is fairly priced by taking the expected future cash flows and discounting them to their present value. Our analysis will employ the Discounted Cash Flow (DCF) model. Don't get put off by the jargon, the math behind it is actually quite straightforward.</p>
<div class="lb-trans"><p>ASKA 制药控股有限公司（TSE:4886）与其内在价值相差多远？使用最新的财务数据，我们将查看该股票是否定价合理，通过将预期未来现金流折现到其现值。我们的分析将采用折现现金流（DCF）模型。不要被术语吓到，背后的数学其实相当简单。</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. 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>我们通常认为公司的价值是未来所有现金流的现值。然而，DCF 只是众多估值指标之一，并非没有缺陷。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的各个方面进行工作。最棒的是——它们的市值都在 100 亿美元以下——仍然有机会提前布局。</p>
</div><h2>The Model</h2>
<div class="lb-trans"><h2>模型</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，我们需要估计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缩减的公司会减缓其缩减速度，而自由现金流增长的公司在这一期间内其增长率会放缓。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放缓得更快。</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) estimate</h4>
<div class="lb-trans"><h4>10 年自由现金流（FCF）估计</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¥1.95b</td>
<td>JP¥4.28b</td>
<td>JP¥4.70b</td>
<td>JP¥5.11b</td>
<td>JP¥4.50b</td>
<td>JP¥4.13b</td>
<td>JP¥3.90b</td>
<td>JP¥3.76b</td>
<td>JP¥3.67b</td>
<td>JP¥3.62b</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>Analyst x1</td>
<td>Est @ -8.11%</td>
<td>Est @ -5.50%</td>
<td>Est @ -3.67%</td>
<td>Est @ -2.39%</td>
<td>Est @ -1.49%</td>
</tr>
<tr>
<td><strong>Present Value (¥, Millions) Discounted @ 4.8%</strong></td>
<td>JP¥1.9k</td>
<td>JP¥3.9k</td>
<td>JP¥4.1k</td>
<td>JP¥4.2k</td>
<td>JP¥3.6k</td>
<td>JP¥3.1k</td>
<td>JP¥2.8k</td>
<td>JP¥2.6k</td>
<td>JP¥2.4k</td>
<td>JP¥2.3k</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¥1.95b</td>
<td>JP¥4.28b</td>
<td>JP¥4.70b</td>
<td>JP¥5.11b</td>
<td>JP¥4.50b</td>
<td>JP¥4.13b</td>
<td>JP¥3.90b</td>
<td>JP¥3.76b</td>
<td>JP¥3.67b</td>
<td>JP¥3.62b</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>分析师 x1</td>
<td>估计 @ -8.11%</td>
<td>估计 @ -5.50%</td>
<td>估计 @ -3.67%</td>
<td>估计 @ -2.39%</td>
<td>估计 @ -1.49%</td>
</tr>
<tr>
<td><strong>现值（¥，百万）折现 @ 4.8%</strong></td>
<td>JP¥1.9k</td>
<td>JP¥3.9k</td>
<td>JP¥4.1k</td>
<td>JP¥4.2k</td>
<td>JP¥3.6k</td>
<td>JP¥3.1k</td>
<td>JP¥2.8k</td>
<td>JP¥2.6k</td>
<td>JP¥2.4k</td>
<td>JP¥2.3k</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¥31b</p>
<div class="lb-trans"><p><strong>10 年现金流现值（PVCF）</strong> = JP¥31b</p>
</div><p>We now need to calculate the Terminal Value, which accounts for all the future cash flows after this ten year period. 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 4.8%.</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。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%）来估计未来增长。与 10 年 “增长” 期相同，我们将未来现金流折现到今天的价值，使用的股本成本为 4.8%。</p>
</div><p><strong>Terminal Value (TV)</strong> = FCF2035 × (1 + g) ÷ (r – g) = JP¥3.6b× (1 + 0.6%) ÷ (4.8%– 0.6%) = JP¥87b</p>
<div class="lb-trans"><p><strong>终值（TV）</strong> = FCF2035 × (1 + g) ÷ (r – g) = JP¥3.6b× (1 + 0.6%) ÷ (4.8%– 0.6%) = JP¥87b</p>
</div><p><strong>Present Value of Terminal Value (PVTV)</strong> = TV / (1 + r) 10= JP¥87b÷ ( 1 + 4.8%) 10= JP¥54b</p>
<div class="lb-trans"><p><strong>终值现值（PVTV）</strong> = TV / (1 + r) 10= JP¥87b÷ ( 1 + 4.8%) 10= JP¥54b</p>
</div><p>The total value, or equity value, is then the sum of the present value of the future cash flows, which in this case is JP¥85b. The last step is to then divide the equity value by the number of shares outstanding. Compared to the current share price of JP¥2.5k, the company appears about fair value at a 17% discount to where the stock price trades currently. Remember though, that this is just an approximate valuation, and like any complex formula - garbage in, garbage out.</p>
<div class="lb-trans"><p>总价值或股权价值是未来现金流现值的总和，在这种情况下为 JP¥85b。最后一步是将股权价值除以流通在外的股份数。与当前的 2500 日元股价相比，该公司在当前股价交易的基础上大约有 17% 的折扣，似乎接近公允价值。不过，请记住，这只是一个近似估值，像任何复杂的公式一样——输入垃圾，输出垃圾。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://images.simplywall.st/asset/chart/687135-dcf-1-dark-2/1769807486020" alt="" original-src="https://images.simplywall.st/asset/chart/687135-dcf-1-dark-2/1769807486020"/></p>
<p>TSE:4886 Discounted Cash Flow January 30th 2026</p>
<div class="lb-trans"><p>TSE:4886 折现现金流 2026 年 1 月 30 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 ASKA Pharmaceutical HoldingsLtd 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 4.8%, which is based on a levered beta of 0.800. 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，因此并不能全面反映公司的潜在表现。鉴于我们正在将 ASKA 制药控股有限公司视为潜在股东，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。在这个计算中，我们使用了 4.8%，这是基于 0.800 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 ASKA Pharmaceutical HoldingsLtd</p>
<div class="lb-trans"><p>查看我们对 ASKA 制药控股有限公司的最新分析</p>
</div><h3>SWOT Analysis for ASKA Pharmaceutical HoldingsLtd</h3>
<div class="lb-trans"><h3>ASKA 制药控股有限公司的 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 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 4886.</p>
<div class="lb-trans"><p>4886 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 Pharmaceuticals market.</li>
</ul>
<div class="lb-trans"><ul>
<li>与制药市场前 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 for the next 3 years.</li>
</ul>
<div class="lb-trans"><ul>
<li>预计未来 3 年年收益将增长。</li>
</ul>
</div><ul>
<li>Current share price is below our estimate of fair value.</li>
</ul>
<div class="lb-trans"><ul>
<li>当前股价低于我们估算的公允价值。</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>正在支付股息，但公司没有自由现金流。</li>
</ul>
</div><p>Is 4886 well equipped to handle threats?</p>
<div class="lb-trans"><p>4886 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>Valuation is only one side of the coin in terms of building your investment thesis, and it shouldn't be the only metric you look at when researching 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. 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. For ASKA Pharmaceutical HoldingsLtd, we've put together three pertinent items you should consider:</p>
<div class="lb-trans"><p>估值只是构建投资论点的一方面，它不应是您在研究公司时唯一关注的指标。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。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。对于 ASKA Pharmaceutical Holdings Ltd，我们整理了您应该考虑的三个相关事项：</p>
</div><ol>
<li><strong>Risks</strong>: Case in point, we've spotted <strong>2 warning signs for ASKA Pharmaceutical HoldingsLtd</strong> you should be aware of.</li>
<li><strong>Future Earnings</strong>: How does 4886'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 <strong>ASKA Pharmaceutical Holdings Ltd 的 2 个警告信号</strong>，您应该注意。</li>
<li><strong>未来收益</strong>：4886 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>：低债务、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>

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