BSE: APLAPOLLO - APL Apollo Tubes 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 = 26.39
CAGR EPS = 22.38%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 26.39 * (1 + 22.38%) / (0.0433 * 2) = 372.95

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 = 5.5
g = 0.285
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) = 2.82
β = -0.2004
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + -0.2004 * 5.94 + 0 = 0.0163
Price = (5.5 * (1 + 0.285)) / (0.0163 - 0.285) = 26.3

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) = 23.76
Ebitda Yield = 0.1733
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 = 1.04
Debt = 11.25
Market Cap = 371.57
Weight Debt = Market Cap / (Market Cap + Debt) = 371.57 / (371.57 + 11.25) = 0.9706
Weight Cost Debt = 100% - 0.9706 = 0.0294
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) = 2.82
β = -0.2004
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + -0.2004 * 5.94 + 0 = 0.0163
WACC = (1.04 / 11.25) * (100% - 0.9706) * (1 - 0.21) + 0.0163 + 0.9706 = 7.24
Terminal Value = Discount (23.76 * (1 + 0.1733) / (7.24 - 0.1733)) = 194.86
Company Value = ∑ (23.76 / (1 + 7.24) ^ 5) = 70.54
Price = (Terminal Value + Company Value) / Count shares = (194.86 + 70.54) / 277520000 = 956.33

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) = 7.55
FCF Yield = 0.1262
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 = 1.04
Debt = 11.25
Market Cap = 371.57
Weight Debt = Market Cap / (Market Cap + Debt) = 371.57 / (371.57 + 11.25) = 0.9706
Weight Cost Debt = 100% - 0.9706 = 0.0294
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) = 2.82
β = -0.2004
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + -0.2004 * 5.94 + 0 = 0.0163
WACC = (1.04 / 11.25) * (100% - 0.9706) * (1 - 0.21) + 0.0163 + 0.9706 = 7.24
Terminal Value = Discount (7.55 * (1 + 0.1262) / (7.24 - 0.1262)) = 111.41
Company Value = ∑ (7.55 / (1 + 7.24) ^ 5) = 24.19
Price = (Terminal Value + Company Value) / Count shares = (111.41 + 24.19) / 277520000 = 488.61