BSE: GODREJPROP - Godrej Properties 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 = 26.08
CAGR EPS = 13.64%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 26.08 * (1 + 13.64%) / (0.0433 * 2) = 342.28

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) = 12.49
Ebitda Yield = 0.0467
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 = 1.13
Debt = 106.56
Market Cap = 459.29
Weight Debt = Market Cap / (Market Cap + Debt) = 459.29 / (459.29 + 106.56) = 0.8117
Weight Cost Debt = 100% - 0.8117 = 0.1883
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 = 4.14
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + 4.14 * 5.94 + 0 = 0.2741
WACC = (1.13 / 106.56) * (100% - 0.8117) * (1 - 0.21) + 0.2741 + 0.8117 = 1.05
Terminal Value = Discount (12.49 * (1 + 0.0467) / (1.05 - 0.0467)) = 342.86
Company Value = ∑ (12.49 / (1 + 1.05) ^ 5) = 55.3
Price = (Terminal Value + Company Value) / Count shares = (342.86 + 55.3) / 278020000 = 1432.13

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) = -49.93
FCF Yield = 0.2919
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 = 1.13
Debt = 106.56
Market Cap = 459.29
Weight Debt = Market Cap / (Market Cap + Debt) = 459.29 / (459.29 + 106.56) = 0.8117
Weight Cost Debt = 100% - 0.8117 = 0.1883
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 = 4.14
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + 4.14 * 5.94 + 0 = 0.2741
WACC = (1.13 / 106.56) * (100% - 0.8117) * (1 - 0.21) + 0.2741 + 0.8117 = 1.05
Terminal Value = Discount (-49.93 * (1 + 0.2919) / (1.05 - 0.2919)) = -217.61
Company Value = ∑ (-49.93 / (1 + 1.05) ^ 5) = -153.88
Price = (Terminal Value + Company Value) / Count shares = (-217.61 + -153.88) / 278020000 = -1336.2