BSE: BAJAJHLDNG - Bajaj Holdings & Investment 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 = 652.98
CAGR EPS = 19.42%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 652.98 * (1 + 19.42%) / (0.0433 * 2) = 9004.53

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) = 934.29
Ebitda Yield = 0.6489
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 = 0.0216
Debt = 0.9279
Market Cap = 826.34
Weight Debt = Market Cap / (Market Cap + Debt) = 826.34 / (826.34 + 0.9279) = 0.9989
Weight Cost Debt = 100% - 0.9989 = 0.0011
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 = -0.7676
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + -0.7676 * 5.94 + 0 = -0.0174
WACC = (0.0216 / 0.9279) * (100% - 0.9989) * (1 - 0.21) + -0.0174 + 0.9989 = 1.8
Terminal Value = Discount (934.29 * (1 + 0.6489) / (1.8 - 0.6489)) = 2233.25
Company Value = ∑ (934.29 / (1 + 1.8) ^ 5) = 2032.89
Price = (Terminal Value + Company Value) / Count shares = (2233.25 + 2032.89) / 111290000 = 38333.53

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) = 19.61
FCF Yield = 0.0021
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 = 0.0216
Debt = 0.9279
Market Cap = 826.34
Weight Debt = Market Cap / (Market Cap + Debt) = 826.34 / (826.34 + 0.9279) = 0.9989
Weight Cost Debt = 100% - 0.9989 = 0.0011
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 = -0.7676
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + -0.7676 * 5.94 + 0 = -0.0174
WACC = (0.0216 / 0.9279) * (100% - 0.9989) * (1 - 0.21) + -0.0174 + 0.9989 = 1.8
Terminal Value = Discount (19.61 * (1 + 0.0021) / (1.8 - 0.0021)) = 1124.35
Company Value = ∑ (19.61 / (1 + 1.8) ^ 5) = 92.56
Price = (Terminal Value + Company Value) / Count shares = (1124.35 + 92.56) / 111290000 = 10934.63