<h3>關鍵洞察</h3>
<ul>
<li>Nichias 的預計公允價值為 7,712 日元，基於兩階段自由現金流折現法</li>
<li>當前股價為 6,000 日元，表明 Nichias 可能被低估 22%</li>
<li>分析師對 5393 的目標股價為 5,800 日元，低於我們公允價值估算的 25%</li>
</ul>
<p>Nichias Corporation (TSE:5393) 距離其內在價值有多遠？使用最新的財務數據，我們將通過估算公司的未來現金流並將其折現到現值，來看看這隻股票是否被合理定價。我們將應用折現現金流（DCF）模型來實現這一點。信不信由你，這並不難理解，正如你將從我們的例子中看到的那樣！</p>
<p>我們通常認為，一家公司的價值是其未來所有現金流的現值。然而，DCF 只是眾多估值指標中的一種，並非沒有缺陷。任何對內在價值感興趣的人都應該閲讀一下 Simply Wall St 的分析模型。</p>
<p>特朗普承諾要 &#34;釋放&#34; 美國的石油和天然氣，這 15 只美國股票的發展將受益。</p>
<h2>Nichias 是否被合理定價？</h2>
<p>我們將使用兩階段 DCF 模型，顧名思義，它考慮了兩個增長階段。第一階段通常是一個較高的增長期，隨後趨於穩定，進入第二個 “穩定增長” 階段。首先，我們需要估算未來十年的現金流。在可能的情況下，我們使用分析師的估計，但當這些不可用時，我們會從上一個估計或報告值中推算出之前的自由現金流（FCF）。我們假設自由現金流減少的公司將減緩其減少速度，而自由現金流增長的公司在此期間將看到其增長速度放緩。我們這樣做是為了反映出，早期的增長往往比後期的增長放緩得更快。</p>
<p>DCF 的核心思想是未來的一美元比今天的一美元價值更低，因此這些未來現金流的總和會折現到今天的價值：</p>
<h4>10 年自由現金流（FCF）預測</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>槓桿自由現金流（¥，百萬）</strong></td>
<td>255 億日元</td>
<td>218 億日元</td>
<td>265 億日元</td>
<td>275 億日元</td>
<td>282 億日元</td>
<td>288 億日元</td>
<td>292 億日元</td>
<td>296 億日元</td>
<td>299 億日元</td>
<td>302 億日元</td>
</tr>
<tr>
<td><strong>增長率估計來源</strong></td>
<td>分析師 x3</td>
<td>分析師 x3</td>
<td>分析師 x3</td>
<td>估計 @ 3.57%</td>
<td>估計 @ 2.65%</td>
<td>估計 @ 2.01%</td>
<td>估計 @ 1.57%</td>
<td>估計 @ 1.25%</td>
<td>估計 @ 1.03%</td>
<td>估計 @ 0.88%</td>
</tr>
<tr>
<td><strong>現值（¥，百萬）按 6.2% 折現</strong></td>
<td>240 億日元</td>
<td>193 億日元</td>
<td>222 億日元</td>
<td>216 億日元</td>
<td>209 億日元</td>
<td>201 億日元</td>
<td>192 億日元</td>
<td>183 億日元</td>
<td>174 億日元</td>
<td>165 億日元</td>
</tr>
</tbody>
</table>
<p><em>(&#34;Est&#34; = FCF 增長率由 Simply Wall St 估計)</em></p>
<p><strong>10 年現金流現值（PVCF）</strong> = 1990 億日元</p>
<p>第二階段也稱為終值，這是企業在第一階段後的現金流。使用戈登增長公式計算終值，未來年增長率等於 10 年期國債收益率的 5 年平均值 0.5%。我們以 6.2% 的股本成本將終端現金流折現到今天的價值。</p>
<p><strong>終值（TV）</strong> = FCF2035 × (1 + g) ÷ (r – g) = 300 億日元 × (1 + 0.5%) ÷ (6.2%– 0.5%) = 5340 億日元</p>
<p><strong>終值現值（PVTV）</strong> = TV / (1 + r) 10= 5340 億日元 ÷ ( 1 + 6.2%) 10= 2930 億日元</p>
<p>總價值或股權價值是未來現金流現值的總和，在這種情況下為 4920 億日元。為了得到每股內在價值，我們將其除以總流通股數。與當前股價 6,000 日元相比，該公司在當前股價交易的基礎上似乎被低估了 22%。不過，估值是一種不精確的工具，就像望遠鏡一樣 - 移動幾個度就會進入不同的星系。請記住這一點。</p>
<p><img src="https://imageproxy.pbkrs.com/https://images.simplywall.st/asset/chart/876158-dcf-1-dark-2/1754618377695?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/876158-dcf-1-dark-2/1754618377695"/></p>
<p>TSE:5393 折現現金流 2025 年 8 月 8 日</p>
<h2>假設</h2>
<p>現在，折現現金流最重要的輸入是折現率，當然還有實際現金流。投資的一部分是對公司未來表現的自我評估，因此嘗試自己進行計算並檢查自己的假設。DCF 也不考慮行業的週期性或公司的未來資本需求，因此無法全面反映公司的潛在表現。鑑於我們將 Nichias 視為潛在股東，折現率使用股本成本，而不是考慮債務的資本成本（或加權平均資本成本，WACC）。在此計算中，我們使用了 6.2%，這是基於 1.082 的槓桿貝塔。貝塔是衡量股票相對於整個市場波動性的指標。我們從全球可比公司的行業平均貝塔中獲得我們的貝塔，並在 0.8 到 2.0 之間施加限制，這是一個適合穩定企業的合理範圍。</p>
<p>查看我們對 Nichias 的最新分析</p>
<h3>Nichias 的 SWOT 分析</h3>
<p><strong>優勢</strong></p>
<ul>
<li>過去一年的收益增長超過了行業水平。</li>
</ul>
<ul>
<li>債務不被視為風險。</li>
</ul>
<ul>
<li>股息由收益和現金流覆蓋。</li>
</ul>
<p>5393 的股息信息。</p>
<p><strong>劣勢</strong></p>
<ul>
<li>與建築市場前 25% 的股息支付者相比，股息較低。</li>
</ul>
<p><strong>機會</strong></p>
<ul>
<li>預計未來 3 年年收益將增長。</li>
</ul>
<ul>
<li>基於市盈率和估計公允價值，具有良好的價值。</li>
</ul>
<p><strong>威脅</strong></p>
<ul>
<li>預計年收益增長速度低於日本市場。</li>
</ul>
<p>分析師對 5393 還有什麼預測？</p>
<h2>下一步：</h2>
<p>雖然公司的估值很重要，但它只是評估公司眾多因素中的一個。使用現金流折現模型（DCF）無法獲得萬無一失的估值。相反，它應該被視為一個指南，幫助我們思考 “哪些假設需要成立，這隻股票才會被低估/高估？” 例如，公司的股本成本或無風險利率的變化可能會顯著影響估值。為什麼股價會低於內在價值？對於 Nichias，我們整理了三個你應該進一步研究的基本方面：</p>
<ol>
<li><strong>財務健康</strong>：5393 的資產負債表是否健康？查看我們免費的資產負債表分析，進行六項簡單檢查，關注槓桿和風險等關鍵因素。</li>
<li><strong>未來收益</strong>：5393 的增長率與同行和更廣泛市場相比如何？通過與我們的免費分析師增長預期圖表互動，深入瞭解未來幾年的分析師共識數字。</li>
<li><strong>其他高質量替代品</strong>：你喜歡全能型股票嗎？探索我們的互動高質量股票列表，瞭解你可能錯過的其他投資機會！</li>
</ol>
<p>PS. Simply Wall St 每天都會更新每隻日本股票的 DCF 計算，因此如果你想找到其他股票的內在價值，只需在這裏搜索。</p>

5393

<p>日亞化學株式會社 (TSE:5393) 估計被低估 22%，其預計公允價值為 7,712 日元，而當前股價為 6,000 日元。分析師的目標價為 5,800 日元，低於公允價值估計的 25%。該估值基於兩階段的折現現金流（DCF）模型，考慮未來現金流並將其折現至現值。總股權價值計算為 4,920 億日元，顯示出增長潛力，儘管估值本質上是不精確的</p>

<h3>Key Insights</h3>
<div class="lb-trans"><h3>關鍵洞察</h3>
</div><ul>
<li>The projected fair value for Nichias is JP¥7,712 based on 2 Stage Free Cash Flow to Equity</li>
<li>Current share price of JP¥6,000 suggests Nichias is potentially 22% undervalued</li>
<li>Analyst price target for 5393 is JP¥5,800 which is 25% below our fair value estimate</li>
</ul>
<div class="lb-trans"><ul>
<li>Nichias 的預計公允價值為 7,712 日元，基於兩階段自由現金流折現法</li>
<li>當前股價為 6,000 日元，表明 Nichias 可能被低估 22%</li>
<li>分析師對 5393 的目標股價為 5,800 日元，低於我們公允價值估算的 25%</li>
</ul>
</div><p>How far off is Nichias Corporation (TSE:5393) 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. 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>Nichias Corporation (TSE:5393) 距離其內在價值有多遠？使用最新的財務數據，我們將通過估算公司的未來現金流並將其折現到現值，來看看這隻股票是否被合理定價。我們將應用折現現金流（DCF）模型來實現這一點。信不信由你，這並不難理解，正如你將從我們的例子中看到的那樣！</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>我們通常認為，一家公司的價值是其未來所有現金流的現值。然而，DCF 只是眾多估值指標中的一種，並非沒有缺陷。任何對內在價值感興趣的人都應該閲讀一下 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>特朗普承諾要 &#34;釋放&#34; 美國的石油和天然氣，這 15 只美國股票的發展將受益。</p>
</div><h2>Is Nichias Fairly Valued?</h2>
<div class="lb-trans"><h2>Nichias 是否被合理定價？</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>我們將使用兩階段 DCF 模型，顧名思義，它考慮了兩個增長階段。第一階段通常是一個較高的增長期，隨後趨於穩定，進入第二個 “穩定增長” 階段。首先，我們需要估算未來十年的現金流。在可能的情況下，我們使用分析師的估計，但當這些不可用時，我們會從上一個估計或報告值中推算出之前的自由現金流（FCF）。我們假設自由現金流減少的公司將減緩其減少速度，而自由現金流增長的公司在此期間將看到其增長速度放緩。我們這樣做是為了反映出，早期的增長往往比後期的增長放緩得更快。</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 的核心思想是未來的一美元比今天的一美元價值更低，因此這些未來現金流的總和會折現到今天的價值：</p>
</div><h4>10-year free cash flow (FCF) forecast</h4>
<div class="lb-trans"><h4>10 年自由現金流（FCF）預測</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¥25.5b</td>
<td>JP¥21.8b</td>
<td>JP¥26.5b</td>
<td>JP¥27.5b</td>
<td>JP¥28.2b</td>
<td>JP¥28.8b</td>
<td>JP¥29.2b</td>
<td>JP¥29.6b</td>
<td>JP¥29.9b</td>
<td>JP¥30.2b</td>
</tr>
<tr>
<td><strong>Growth Rate Estimate Source</strong></td>
<td>Analyst x3</td>
<td>Analyst x3</td>
<td>Analyst x3</td>
<td>Est @ 3.57%</td>
<td>Est @ 2.65%</td>
<td>Est @ 2.01%</td>
<td>Est @ 1.57%</td>
<td>Est @ 1.25%</td>
<td>Est @ 1.03%</td>
<td>Est @ 0.88%</td>
</tr>
<tr>
<td><strong>Present Value (¥, Millions) Discounted @ 6.2%</strong></td>
<td>JP¥24.0k</td>
<td>JP¥19.3k</td>
<td>JP¥22.2k</td>
<td>JP¥21.6k</td>
<td>JP¥20.9k</td>
<td>JP¥20.1k</td>
<td>JP¥19.2k</td>
<td>JP¥18.3k</td>
<td>JP¥17.4k</td>
<td>JP¥16.5k</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>槓桿自由現金流（¥，百萬）</strong></td>
<td>255 億日元</td>
<td>218 億日元</td>
<td>265 億日元</td>
<td>275 億日元</td>
<td>282 億日元</td>
<td>288 億日元</td>
<td>292 億日元</td>
<td>296 億日元</td>
<td>299 億日元</td>
<td>302 億日元</td>
</tr>
<tr>
<td><strong>增長率估計來源</strong></td>
<td>分析師 x3</td>
<td>分析師 x3</td>
<td>分析師 x3</td>
<td>估計 @ 3.57%</td>
<td>估計 @ 2.65%</td>
<td>估計 @ 2.01%</td>
<td>估計 @ 1.57%</td>
<td>估計 @ 1.25%</td>
<td>估計 @ 1.03%</td>
<td>估計 @ 0.88%</td>
</tr>
<tr>
<td><strong>現值（¥，百萬）按 6.2% 折現</strong></td>
<td>240 億日元</td>
<td>193 億日元</td>
<td>222 億日元</td>
<td>216 億日元</td>
<td>209 億日元</td>
<td>201 億日元</td>
<td>192 億日元</td>
<td>183 億日元</td>
<td>174 億日元</td>
<td>165 億日元</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 增長率由 Simply Wall St 估計)</em></p>
</div><p><strong>Present Value of 10-year Cash Flow (PVCF)</strong> = JP¥199b</p>
<div class="lb-trans"><p><strong>10 年現金流現值（PVCF）</strong> = 1990 億日元</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 6.2%.</p>
<div class="lb-trans"><p>第二階段也稱為終值，這是企業在第一階段後的現金流。使用戈登增長公式計算終值，未來年增長率等於 10 年期國債收益率的 5 年平均值 0.5%。我們以 6.2% 的股本成本將終端現金流折現到今天的價值。</p>
</div><p><strong>Terminal Value (TV)</strong> = FCF2035 × (1 + g) ÷ (r – g) = JP¥30b× (1 + 0.5%) ÷ (6.2%– 0.5%) = JP¥534b</p>
<div class="lb-trans"><p><strong>終值（TV）</strong> = FCF2035 × (1 + g) ÷ (r – g) = 300 億日元 × (1 + 0.5%) ÷ (6.2%– 0.5%) = 5340 億日元</p>
</div><p><strong>Present Value of Terminal Value (PVTV)</strong> = TV / (1 + r) 10= JP¥534b÷ ( 1 + 6.2%) 10= JP¥293b</p>
<div class="lb-trans"><p><strong>終值現值（PVTV）</strong> = TV / (1 + r) 10= 5340 億日元 ÷ ( 1 + 6.2%) 10= 2930 億日元</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¥492b. To get the intrinsic value per share, we divide this by the total number of shares outstanding. Compared to the current share price of JP¥6.0k, the company appears a touch undervalued at a 22% 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>總價值或股權價值是未來現金流現值的總和，在這種情況下為 4920 億日元。為了得到每股內在價值，我們將其除以總流通股數。與當前股價 6,000 日元相比，該公司在當前股價交易的基礎上似乎被低估了 22%。不過，估值是一種不精確的工具，就像望遠鏡一樣 - 移動幾個度就會進入不同的星系。請記住這一點。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://images.simplywall.st/asset/chart/876158-dcf-1-dark-2/1754618377695" alt="" original-src="https://images.simplywall.st/asset/chart/876158-dcf-1-dark-2/1754618377695"/></p>
<p>TSE:5393 Discounted Cash Flow August 8th 2025</p>
<div class="lb-trans"><p>TSE:5393 折現現金流 2025 年 8 月 8 日</p>
</div><h2>The Assumptions</h2>
<div class="lb-trans"><h2>假設</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 Nichias 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 6.2%, which is based on a levered beta of 1.082. 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>現在，折現現金流最重要的輸入是折現率，當然還有實際現金流。投資的一部分是對公司未來表現的自我評估，因此嘗試自己進行計算並檢查自己的假設。DCF 也不考慮行業的週期性或公司的未來資本需求，因此無法全面反映公司的潛在表現。鑑於我們將 Nichias 視為潛在股東，折現率使用股本成本，而不是考慮債務的資本成本（或加權平均資本成本，WACC）。在此計算中，我們使用了 6.2%，這是基於 1.082 的槓桿貝塔。貝塔是衡量股票相對於整個市場波動性的指標。我們從全球可比公司的行業平均貝塔中獲得我們的貝塔，並在 0.8 到 2.0 之間施加限制，這是一個適合穩定企業的合理範圍。</p>
</div><p>See our latest analysis for Nichias</p>
<div class="lb-trans"><p>查看我們對 Nichias 的最新分析</p>
</div><h3>SWOT Analysis for Nichias</h3>
<div class="lb-trans"><h3>Nichias 的 SWOT 分析</h3>
</div><p><strong>Strength</strong></p>
<div class="lb-trans"><p><strong>優勢</strong></p>
</div><ul>
<li>Earnings growth over the past year exceeded the industry.</li>
</ul>
<div class="lb-trans"><ul>
<li>過去一年的收益增長超過了行業水平。</li>
</ul>
</div><ul>
<li>Debt is not viewed as a risk.</li>
</ul>
<div class="lb-trans"><ul>
<li>債務不被視為風險。</li>
</ul>
</div><ul>
<li>Dividends are covered by earnings and cash flows.</li>
</ul>
<div class="lb-trans"><ul>
<li>股息由收益和現金流覆蓋。</li>
</ul>
</div><p>Dividend information for 5393.</p>
<div class="lb-trans"><p>5393 的股息信息。</p>
</div><p><strong>Weakness</strong></p>
<div class="lb-trans"><p><strong>劣勢</strong></p>
</div><ul>
<li>Dividend is low compared to the top 25% of dividend payers in the Building market.</li>
</ul>
<div class="lb-trans"><ul>
<li>與建築市場前 25% 的股息支付者相比，股息較低。</li>
</ul>
</div><p><strong>Opportunity</strong></p>
<div class="lb-trans"><p><strong>機會</strong></p>
</div><ul>
<li>Annual earnings are forecast to grow for the next 3 years.</li>
</ul>
<div class="lb-trans"><ul>
<li>預計未來 3 年年收益將增長。</li>
</ul>
</div><ul>
<li>Good value based on P/E ratio and estimated fair value.</li>
</ul>
<div class="lb-trans"><ul>
<li>基於市盈率和估計公允價值，具有良好的價值。</li>
</ul>
</div><p><strong>Threat</strong></p>
<div class="lb-trans"><p><strong>威脅</strong></p>
</div><ul>
<li>Annual earnings are forecast to grow slower than the Japanese market.</li>
</ul>
<div class="lb-trans"><ul>
<li>預計年收益增長速度低於日本市場。</li>
</ul>
</div><p>What else are analysts forecasting for 5393?</p>
<div class="lb-trans"><p>分析師對 5393 還有什麼預測？</p>
</div><h2>Next Steps:</h2>
<div class="lb-trans"><h2>下一步：</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. Rather it should be seen as a guide to &#34;what assumptions need to be true for this stock to be under/overvalued?&#34; 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 Nichias, we've put together three fundamental aspects you should further research:</p>
<div class="lb-trans"><p>雖然公司的估值很重要，但它只是評估公司眾多因素中的一個。使用現金流折現模型（DCF）無法獲得萬無一失的估值。相反，它應該被視為一個指南，幫助我們思考 “哪些假設需要成立，這隻股票才會被低估/高估？” 例如，公司的股本成本或無風險利率的變化可能會顯著影響估值。為什麼股價會低於內在價值？對於 Nichias，我們整理了三個你應該進一步研究的基本方面：</p>
</div><ol>
<li><strong>Financial Health</strong>: Does 5393 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 5393'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>財務健康</strong>：5393 的資產負債表是否健康？查看我們免費的資產負債表分析，進行六項簡單檢查，關注槓桿和風險等關鍵因素。</li>
<li><strong>未來收益</strong>：5393 的增長率與同行和更廣泛市場相比如何？通過與我們的免費分析師增長預期圖表互動，深入瞭解未來幾年的分析師共識數字。</li>
<li><strong>其他高質量替代品</strong>：你喜歡全能型股票嗎？探索我們的互動高質量股票列表，瞭解你可能錯過的其他投資機會！</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 每天都會更新每隻日本股票的 DCF 計算，因此如果你想找到其他股票的內在價值，只需在這裏搜索。</p>
</div>

對 Nichias Corporation（東京證券交易所代碼：5393）的內在價值計算表明其股價被低估了 22%