BSE: JMFINANCIL - JM Financial 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 = 4.29
CAGR EPS = -7.92%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 4.29 * (1 + -7.92%) / (0.0433 * 2) = 45.6

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) = 33.35
Ebitda Yield = 0.0436
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 = 15.62
Debt = 159.39
Market Cap = 68.28
Weight Debt = Market Cap / (Market Cap + Debt) = 68.28 / (68.28 + 159.39) = 0.2999
Weight Cost Debt = 100% - 0.2999 = 0.7001
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 = 0.1758
WACC = (15.62 / 159.39) * (100% - 0.2999) * (1 - 0.21) + 0.1758 + 0.2999 = 7.77
Terminal Value = Discount (33.35 * (1 + 0.0436) / (7.77 - 0.0436)) = 703
Company Value = ∑ (33.35 / (1 + 7.77) ^ 5) = 122.43
Price = (Terminal Value + Company Value) / Count shares = (703 + 122.43) / 955590000 = 863.79

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) = 39.65
FCF Yield = 0.0206
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 = 15.62
Debt = 159.39
Market Cap = 68.28
Weight Debt = Market Cap / (Market Cap + Debt) = 68.28 / (68.28 + 159.39) = 0.2999
Weight Cost Debt = 100% - 0.2999 = 0.7001
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 = 0.1758
WACC = (15.62 / 159.39) * (100% - 0.2999) * (1 - 0.21) + 0.1758 + 0.2999 = 7.77
Terminal Value = Discount (39.65 * (1 + 0.0206) / (7.77 - 0.0206)) = 487.48
Company Value = ∑ (39.65 / (1 + 7.77) ^ 5) = 152.53
Price = (Terminal Value + Company Value) / Count shares = (487.48 + 152.53) / 955590000 = 669.75