BSE: IRFC - Indian Railway Finance 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 = 4.91
CAGR EPS = 14.99%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 4.91 * (1 + 14.99%) / (0.0433 * 2) = 65.15

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 = 1.5
g = -0.0779
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 = 2.51
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + 2.51 * 5.94 + 0 = 0.1776
Price = (1.5 * (1 + -0.0779)) / (0.1776 - -0.0779) = 5.41

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) = 42.58
Ebitda Yield = -0.0756
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 = 57.23
Debt = 1936.98
Market Cap = 0
Weight Debt = Market Cap / (Market Cap + Debt) = 0 / (0 + 1936.98) = 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) = 2.82
β = 2.51
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + 2.51 * 5.94 + 0 = 0.1776
WACC = (57.23 / 1936.98) * (100% - 0) * (1 - 0.21) + 0.1776 + 0 = 2.33
Terminal Value = Discount (42.58 * (1 + -0.0756) / (2.33 - -0.0756)) = 354.69
Company Value = ∑ (42.58 / (1 + 2.33) ^ 5) = 234.88
Price = (Terminal Value + Company Value) / Count shares = (354.69 + 234.88) / 13068510000 = 45.11

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) = 145.83
FCF Yield = 0.1303
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 = 57.23
Debt = 1936.98
Market Cap = 0
Weight Debt = Market Cap / (Market Cap + Debt) = 0 / (0 + 1936.98) = 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) = 2.82
β = 2.51
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + 2.51 * 5.94 + 0 = 0.1776
WACC = (57.23 / 1936.98) * (100% - 0) * (1 - 0.21) + 0.1776 + 0 = 2.33
Terminal Value = Discount (145.83 * (1 + 0.1303) / (2.33 - 0.1303)) = 1373.58
Company Value = ∑ (145.83 / (1 + 2.33) ^ 5) = 537.86
Price = (Terminal Value + Company Value) / Count shares = (1373.58 + 537.86) / 13068510000 = 146.26