BSE: KOTAKBANK - Kotak Mahindra Bank 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 = 91.62
CAGR EPS = 15.44%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 91.62 * (1 + 15.44%) / (0.0433 * 2) = 1221.36

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) = 1256.9
Ebitda Yield = 0.1253
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 = 225.67
Debt = 570.34
Market Cap = 3480
Weight Debt = Market Cap / (Market Cap + Debt) = 3480 / (3480 + 570.34) = 0.8592
Weight Cost Debt = 100% - 0.8592 = 0.1408
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 = 0.3692
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.89 + 0.3692 * 5.94 + 0 = 0.0508
WACC = (225.67 / 570.34) * (100% - 0.8592) * (1 - 0.21) + 0.0508 + 0.8592 = 31.03
Terminal Value = Discount (1256.9 * (1 + 0.1253) / (31.03 - 0.1253)) = 1978.19
Company Value = ∑ (1256.9 / (1 + 31.03) ^ 5) = 2257.55
Price = (Terminal Value + Company Value) / Count shares = (1978.19 + 2257.55) / 1987920000 = 2130.74

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) = 59.13
FCF Yield = -0.1649
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 = 225.67
Debt = 570.34
Market Cap = 3480
Weight Debt = Market Cap / (Market Cap + Debt) = 3480 / (3480 + 570.34) = 0.8592
Weight Cost Debt = 100% - 0.8592 = 0.1408
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 = 0.3692
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.89 + 0.3692 * 5.94 + 0 = 0.0508
WACC = (225.67 / 570.34) * (100% - 0.8592) * (1 - 0.21) + 0.0508 + 0.8592 = 31.03
Terminal Value = Discount (59.13 * (1 + -0.1649) / (31.03 - -0.1649)) = 26.9
Company Value = ∑ (59.13 / (1 + 31.03) ^ 5) = 228.93
Price = (Terminal Value + Company Value) / Count shares = (26.9 + 228.93) / 1987920000 = 128.69