BSE: HINDALCO - Hindalco Industries 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 = 45.73
CAGR EPS = 21.99%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 45.73 * (1 + 21.99%) / (0.0433 * 2) = 644.18

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 = 3.5
g = 0.1426
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 = -0.223
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + -0.223 * 5.94 + 0 = 0.015
Price = (3.5 * (1 + 0.1426)) / (0.015 - 0.1426) = 31.33

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) = 324.84
Ebitda Yield = 0.0626
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 = 37.77
Debt = 545.01
Market Cap = 966.11
Weight Debt = Market Cap / (Market Cap + Debt) = 966.11 / (966.11 + 545.01) = 0.6393
Weight Cost Debt = 100% - 0.6393 = 0.3607
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 = -0.223
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + -0.223 * 5.94 + 0 = 0.015
WACC = (37.77 / 545.01) * (100% - 0.6393) * (1 - 0.21) + 0.015 + 0.6393 = 5.45
Terminal Value = Discount (324.84 * (1 + 0.0626) / (5.45 - 0.0626)) = 32471.69
Company Value = ∑ (324.84 / (1 + 5.45) ^ 5) = 1226.74
Price = (Terminal Value + Company Value) / Count shares = (32471.69 + 1226.74) / 2220620000 = 15175.24

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) = 110.32
FCF Yield = 0.0578
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 = 37.77
Debt = 545.01
Market Cap = 966.11
Weight Debt = Market Cap / (Market Cap + Debt) = 966.11 / (966.11 + 545.01) = 0.6393
Weight Cost Debt = 100% - 0.6393 = 0.3607
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 = -0.223
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + -0.223 * 5.94 + 0 = 0.015
WACC = (37.77 / 545.01) * (100% - 0.6393) * (1 - 0.21) + 0.015 + 0.6393 = 5.45
Terminal Value = Discount (110.32 * (1 + 0.0578) / (5.45 - 0.0578)) = 26669.54
Company Value = ∑ (110.32 / (1 + 5.45) ^ 5) = 420.39
Price = (Terminal Value + Company Value) / Count shares = (26669.54 + 420.39) / 2220620000 = 12199.26