BSE: ADANIPORTS - Adani Ports and Special Economic Zone Limited

Price = EPS * (1 + CAGR EPS) / (Key Rate * Excess Key Rate)
EPS = Earning Per Share
CAGR EPS = CAGR 5 EPS
Key Rate — 关键利率
Excess Key Rate — 期望超出关键利率
EPS = 37.55
CAGR EPS = 15.3%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 37.55 * (1 + 15.3%) / (0.0433 * 2) = 499.9

Price = (DPS * (1 + g)) / (Cost Of Equity - g)
Price - 价格公道
DPS — 当期股息
g — 预期增长率
DPS = 6
g = 0.1056
Cost Of Equity — 贴现率
Cost Of Equity = k(f) + β * Risk Premium + Country Premium (Damodaran table)
k(f) — 无风险回报率
β (beta) — 确定股票（资产）相对于市场的风险度量，并显示股票盈利能力变化相对于市场盈利能力变化的敏感性。
Risk Premium — 风险溢价——投资股票的风险溢价
Country Premium - 国家风险
k(f) = 2.75
β = 1.52
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.75 + 1.52 * 5.94 + 0 = 0.1179
Price = (6 * (1 + 0.1056)) / (0.1179 - 0.1056) = 539.86

Price = (Terminal Value + Company Value) / Count shares
Price - 价格公道
Terminal Value — 预测后期间的成本
Company Value — 预测期内的成本
Count shares - 股份数量
Terminal Value = Discount Ebitda(5) * (1 + Ebitda Yield) / (WACC - Ebitda Yield)
Company Value = ∑ (Discount Ebitda / (1 + WACC) ^ 5)
Discount Ebitda(5) = 155.53
Ebitda Yield = 0.0621
WACC = (Interest Expense / Debt) * (Weight Cost Debt) * (1 - Tax) + Cost Of Equity * Weight Debt
Interest Expense - 偿债成本
Debt - 责任
Weight Debt - 相对于债务的资本权重
Weight Cost Debt - 债务权重相对于资本总额
Tax - 税
Interest Expense = 27.12
Debt = 461.42
Market Cap = 1590
Weight Debt = Market Cap / (Market Cap + Debt) = 1590 / (1590 + 461.42) = 0.7751
Weight Cost Debt = 100% - 0.7751 = 0.2249
Tax = 0.21
Cost Of Equity — 贴现率
Cost Of Equity = k(f) + β * Risk Premium + Country Premium (Damodaran table)
k(f) — 无风险回报率
β (beta) — 确定股票（资产）相对于市场的风险度量，并显示股票盈利能力变化相对于市场盈利能力变化的敏感性。
Risk Premium — 风险溢价——投资股票的风险溢价
Country Premium - 国家风险
k(f) = 2.75
β = 1.52
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.75 + 1.52 * 5.94 + 0 = 0.1179
WACC = (27.12 / 461.42) * (100% - 0.7751) * (1 - 0.21) + 0.1179 + 0.7751 = 4.7
Terminal Value = Discount (155.53 * (1 + 0.0621) / (4.7 - 0.0621)) = 8662.41
Company Value = ∑ (155.53 / (1 + 4.7) ^ 5) = 600.78
Price = (Terminal Value + Company Value) / Count shares = (8662.41 + 600.78) / 2160140000 = 4288.23

Price = (Terminal Value + Company Value) / Count shares
Price - 价格公道
Terminal Value — 预测后期间的成本
Company Value — 预测期内的成本
Count shares - 股份数量
Terminal Value = Discount FCF(5) * (1 + FCF Yield) / (WACC - FCF Yield)
Company Value = ∑ (Discount FCF / (1 + WACC) ^ 5)
Discount FCF(5) = 133.93
FCF Yield = 0.1199
WACC = (Interest Expense / Debt) * (Weight Cost Debt) * (1 - Tax) + Cost Of Equity * Weight Debt
Interest Expense - 偿债成本
Debt - 责任
Weight Debt - 相对于债务的资本权重
Weight Cost Debt - 债务权重相对于资本总额
Tax - 税
Interest Expense = 27.12
Debt = 461.42
Market Cap = 1590
Weight Debt = Market Cap / (Market Cap + Debt) = 1590 / (1590 + 461.42) = 0.7751
Weight Cost Debt = 100% - 0.7751 = 0.2249
Tax = 0.21
Cost Of Equity — 贴现率
Cost Of Equity = k(f) + β * Risk Premium + Country Premium (Damodaran table)
k(f) — 无风险回报率
β (beta) — 确定股票（资产）相对于市场的风险度量，并显示股票盈利能力变化相对于市场盈利能力变化的敏感性。
Risk Premium — 风险溢价——投资股票的风险溢价
Country Premium - 国家风险
k(f) = 2.75
β = 1.52
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.75 + 1.52 * 5.94 + 0 = 0.1179
WACC = (27.12 / 461.42) * (100% - 0.7751) * (1 - 0.21) + 0.1179 + 0.7751 = 4.7
Terminal Value = Discount (133.93 * (1 + 0.1199) / (4.7 - 0.1199)) = 1634.06
Company Value = ∑ (133.93 / (1 + 4.7) ^ 5) = 467.3
Price = (Terminal Value + Company Value) / Count shares = (1634.06 + 467.3) / 2160140000 = 972.79