BSE: ICICIPRULI - ICICI Prudential 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 = 5.9
CAGR EPS = -4.49%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 5.9 * (1 + -4.49%) / (0.0433 * 2) = 65.12

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) = 3036.3
Ebitda Yield = 0.2778
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 = 1.23
Debt = 12
Market Cap = 820.38
Weight Debt = Market Cap / (Market Cap + Debt) = 820.38 / (820.38 + 12) = 0.9856
Weight Cost Debt = 100% - 0.9856 = 0.0144
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 = 2.48
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + 2.48 * 5.94 + 0 = 0.1753
WACC = (1.23 / 12) * (100% - 0.9856) * (1 - 0.21) + 0.1753 + 0.9856 = 8.16
Terminal Value = Discount (3036.3 * (1 + 0.2778) / (8.16 - 0.2778)) = 13360.15
Company Value = ∑ (3036.3 / (1 + 8.16) ^ 5) = 7553.3
Price = (Terminal Value + Company Value) / Count shares = (13360.15 + 7553.3) / 1440620000 = 14516.98

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) = 4.99
FCF Yield = -1.58
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 = 1.23
Debt = 12
Market Cap = 820.38
Weight Debt = Market Cap / (Market Cap + Debt) = 820.38 / (820.38 + 12) = 0.9856
Weight Cost Debt = 100% - 0.9856 = 0.0144
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 = 2.48
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + 2.48 * 5.94 + 0 = 0.1753
WACC = (1.23 / 12) * (100% - 0.9856) * (1 - 0.21) + 0.1753 + 0.9856 = 8.16
Terminal Value = Discount (4.99 * (1 + -1.58) / (8.16 - -1.58)) = -1.18
Company Value = ∑ (4.99 / (1 + 8.16) ^ 5) = 27.56
Price = (Terminal Value + Company Value) / Count shares = (-1.18 + 27.56) / 1440620000 = 18.31