BSE: INDUSTOWER - Indus Towers 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 = 22.41
CAGR EPS = 4.66%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 22.41 * (1 + 4.66%) / (0.0433 * 2) = 270.8

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) = 177.55
Ebitda Yield = 0.1273
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 = 18.64
Debt = 43.12
Market Cap = 0
Weight Debt = Market Cap / (Market Cap + Debt) = 0 / (0 + 43.12) = 0
Weight Cost Debt = 100% - 0 = 1
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 = 2.14
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.89 + 2.14 * 5.94 + 0 = 0.1563
WACC = (18.64 / 43.12) * (100% - 0) * (1 - 0.21) + 0.1563 + 0 = 34.15
Terminal Value = Discount (177.55 * (1 + 0.1273) / (34.15 - 0.1273)) = 215.08
Company Value = ∑ (177.55 / (1 + 34.15) ^ 5) = 298.22
Price = (Terminal Value + Company Value) / Count shares = (215.08 + 298.22) / 2694510000 = 190.5

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) = 41.73
FCF Yield = 0.0968
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 = 18.64
Debt = 43.12
Market Cap = 0
Weight Debt = Market Cap / (Market Cap + Debt) = 0 / (0 + 43.12) = 0
Weight Cost Debt = 100% - 0 = 1
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 = 2.14
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.89 + 2.14 * 5.94 + 0 = 0.1563
WACC = (18.64 / 43.12) * (100% - 0) * (1 - 0.21) + 0.1563 + 0 = 34.15
Terminal Value = Discount (41.73 * (1 + 0.0968) / (34.15 - 0.0968)) = 43.06
Company Value = ∑ (41.73 / (1 + 34.15) ^ 5) = 74.8
Price = (Terminal Value + Company Value) / Count shares = (43.06 + 74.8) / 2694510000 = 43.74