BSE: GATEWAY - Gateway Distriparks 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 = 5.13
CAGR EPS = -11.07%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 5.13 * (1 + -11.07%) / (0.0433 * 2) = 52.66

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 = 2.75
g = 0.0601
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 = 4.75
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + 4.75 * 5.94 + 0 = 0.3102
Price = (2.75 * (1 + 0.0601)) / (0.3102 - 0.0601) = 11.66

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) = 4.62
Ebitda Yield = 0.0314
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 = 0.4608
Debt = 3.15
Market Cap = 0
Weight Debt = Market Cap / (Market Cap + Debt) = 0 / (0 + 3.15) = 0
Weight Cost Debt = 100% - 0 = 1
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 = 4.75
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + 4.75 * 5.94 + 0 = 0.3102
WACC = (0.4608 / 3.15) * (100% - 0) * (1 - 0.21) + 0.3102 + 0 = 11.56
Terminal Value = Discount (4.62 * (1 + 0.0314) / (11.56 - 0.0314)) = 32.72
Company Value = ∑ (4.62 / (1 + 11.56) ^ 5) = 15.72
Price = (Terminal Value + Company Value) / Count shares = (32.72 + 15.72) / 499640000 = 96.96

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) = 2.4
FCF Yield = -0.0048
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 = 0.4608
Debt = 3.15
Market Cap = 0
Weight Debt = Market Cap / (Market Cap + Debt) = 0 / (0 + 3.15) = 0
Weight Cost Debt = 100% - 0 = 1
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 = 4.75
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + 4.75 * 5.94 + 0 = 0.3102
WACC = (0.4608 / 3.15) * (100% - 0) * (1 - 0.21) + 0.3102 + 0 = 11.56
Terminal Value = Discount (2.4 * (1 + -0.0048) / (11.56 - -0.0048)) = 11.47
Company Value = ∑ (2.4 / (1 + 11.56) ^ 5) = 8.84
Price = (Terminal Value + Company Value) / Count shares = (11.47 + 8.84) / 499640000 = 40.64