BSE: HUDCO - Housing and Urban Development Corporation 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 = 10.57
CAGR EPS = 4.38%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 10.57 * (1 + 4.38%) / (0.0433 * 2) = 127.44

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) = 32.17
Ebitda Yield = 0.0156
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 = 49.6
Debt = 629.03
Market Cap = 115.61
Weight Debt = Market Cap / (Market Cap + Debt) = 115.61 / (115.61 + 629.03) = 0.1553
Weight Cost Debt = 100% - 0.1553 = 0.8447
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 = 3.04
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + 3.04 * 5.94 + 0 = 0.2089
WACC = (49.6 / 629.03) * (100% - 0.1553) * (1 - 0.21) + 0.2089 + 0.1553 = 6.25
Terminal Value = Discount (32.17 * (1 + 0.0156) / (6.25 - 0.0156)) = 514.68
Company Value = ∑ (32.17 / (1 + 6.25) ^ 5) = 130.25
Price = (Terminal Value + Company Value) / Count shares = (514.68 + 130.25) / 2001900000 = 322.16

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) = -554.6
FCF Yield = 0.4006
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 = 49.6
Debt = 629.03
Market Cap = 115.61
Weight Debt = Market Cap / (Market Cap + Debt) = 115.61 / (115.61 + 629.03) = 0.1553
Weight Cost Debt = 100% - 0.1553 = 0.8447
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 = 3.04
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + 3.04 * 5.94 + 0 = 0.2089
WACC = (49.6 / 629.03) * (100% - 0.1553) * (1 - 0.21) + 0.2089 + 0.1553 = 6.25
Terminal Value = Discount (-554.6 * (1 + 0.4006) / (6.25 - 0.4006)) = -1696.75
Company Value = ∑ (-554.6 / (1 + 6.25) ^ 5) = -1270.39
Price = (Terminal Value + Company Value) / Count shares = (-1696.75 + -1270.39) / 2001900000 = -1482.16