BSE: EICHERMOT - Eicher Motors 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 = 146.13
CAGR EPS = 16.91%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 146.13 * (1 + 16.91%) / (0.0433 * 2) = 1972.63

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 = 51
g = 0.0988
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 = 0.7497
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + 0.7497 * 5.94 + 0 = 0.0727
Price = (51 * (1 + 0.0988)) / (0.0727 - 0.0988) = 2149.72

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) = 50.66
Ebitda Yield = 0.0308
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 = 0.5088
Debt = 2.76
Market Cap = 905.21
Weight Debt = Market Cap / (Market Cap + Debt) = 905.21 / (905.21 + 2.76) = 0.997
Weight Cost Debt = 100% - 0.997 = 0.003
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 = 0.7497
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + 0.7497 * 5.94 + 0 = 0.0727
WACC = (0.5088 / 2.76) * (100% - 0.997) * (1 - 0.21) + 0.0727 + 0.997 = 14.51
Terminal Value = Discount (50.66 * (1 + 0.0308) / (14.51 - 0.0308)) = 231.94
Company Value = ∑ (50.66 / (1 + 14.51) ^ 5) = 160.54
Price = (Terminal Value + Company Value) / Count shares = (231.94 + 160.54) / 273810000 = 1433.39

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) = 61.87
FCF Yield = 0.1632
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 = 0.5088
Debt = 2.76
Market Cap = 905.21
Weight Debt = Market Cap / (Market Cap + Debt) = 905.21 / (905.21 + 2.76) = 0.997
Weight Cost Debt = 100% - 0.997 = 0.003
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 = 0.7497
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + 0.7497 * 5.94 + 0 = 0.0727
WACC = (0.5088 / 2.76) * (100% - 0.997) * (1 - 0.21) + 0.0727 + 0.997 = 14.51
Terminal Value = Discount (61.87 * (1 + 0.1632) / (14.51 - 0.1632)) = 2021.52
Company Value = ∑ (61.87 / (1 + 14.51) ^ 5) = 152.29
Price = (Terminal Value + Company Value) / Count shares = (2021.52 + 152.29) / 273810000 = 7939.1