BSE: HDFCLIFE - HDFC Life Insurance Company 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 = 7.32
CAGR EPS = 2.63%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 7.32 * (1 + 2.63%) / (0.0433 * 2) = 86.75

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) = 2860.56
Ebitda Yield = 0.23
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 = 1.12
Debt = 9.5
Market Cap = 1340
Weight Debt = Market Cap / (Market Cap + Debt) = 1340 / (1340 + 9.5) = 0.993
Weight Cost Debt = 100% - 0.993 = 0.007
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) = 2.89
β = 1.43
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.89 + 1.43 * 5.94 + 0 = 0.1137
WACC = (1.12 / 9.5) * (100% - 0.993) * (1 - 0.21) + 0.1137 + 0.993 = 9.33
Terminal Value = Discount (2860.56 * (1 + 0.23) / (9.33 - 0.23)) = 16472.46
Company Value = ∑ (2860.56 / (1 + 9.33) ^ 5) = 7335.49
Price = (Terminal Value + Company Value) / Count shares = (16472.46 + 7335.49) / 2150400000 = 11071.41

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) = 142.18
FCF Yield = 0.0608
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 = 1.12
Debt = 9.5
Market Cap = 1340
Weight Debt = Market Cap / (Market Cap + Debt) = 1340 / (1340 + 9.5) = 0.993
Weight Cost Debt = 100% - 0.993 = 0.007
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) = 2.89
β = 1.43
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.89 + 1.43 * 5.94 + 0 = 0.1137
WACC = (1.12 / 9.5) * (100% - 0.993) * (1 - 0.21) + 0.1137 + 0.993 = 9.33
Terminal Value = Discount (142.18 * (1 + 0.0608) / (9.33 - 0.0608)) = 2973.44
Company Value = ∑ (142.18 / (1 + 9.33) ^ 5) = 483.93
Price = (Terminal Value + Company Value) / Count shares = (2973.44 + 483.93) / 2150400000 = 1607.78