BSE: HINDZINC - Hindustan Zinc 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 = 18.36
CAGR EPS = 2.66%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 18.36 * (1 + 2.66%) / (0.0433 * 2) = 217.68

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 = 29
g = 0.1236
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 = 1.11
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.89 + 1.11 * 5.94 + 0 = 0.0948
Price = (29 * (1 + 0.1236)) / (0.0948 - 0.1236) = 1129.02

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) = 264.81
Ebitda Yield = 0.07
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 = 8.85
Debt = 88.55
Market Cap = 1330
Weight Debt = Market Cap / (Market Cap + Debt) = 1330 / (1330 + 88.55) = 0.9376
Weight Cost Debt = 100% - 0.9376 = 0.0624
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 = 1.11
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.89 + 1.11 * 5.94 + 0 = 0.0948
WACC = (8.85 / 88.55) * (100% - 0.9376) * (1 - 0.21) + 0.0948 + 0.9376 = 7.91
Terminal Value = Discount (264.81 * (1 + 0.07) / (7.91 - 0.07)) = 21162.33
Company Value = ∑ (264.81 / (1 + 7.91) ^ 5) = 920.5
Price = (Terminal Value + Company Value) / Count shares = (21162.33 + 920.5) / 4225320000 = 5226.31

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) = 243.93
FCF Yield = 0.2081
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 = 8.85
Debt = 88.55
Market Cap = 1330
Weight Debt = Market Cap / (Market Cap + Debt) = 1330 / (1330 + 88.55) = 0.9376
Weight Cost Debt = 100% - 0.9376 = 0.0624
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 = 1.11
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.89 + 1.11 * 5.94 + 0 = 0.0948
WACC = (8.85 / 88.55) * (100% - 0.9376) * (1 - 0.21) + 0.0948 + 0.9376 = 7.91
Terminal Value = Discount (243.93 * (1 + 0.2081) / (7.91 - 0.2081)) = 1561.58
Company Value = ∑ (243.93 / (1 + 7.91) ^ 5) = 673.58
Price = (Terminal Value + Company Value) / Count shares = (1561.58 + 673.58) / 4225320000 = 528.99