BSE: MASFIN - MAS Financial Services 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 = 15.31
CAGR EPS = 6.89%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 15.31 * (1 + 6.89%) / (0.0433 * 2) = 188.95

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 = 1.51
g = -0.052
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 = 1.41
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + 1.41 * 5.94 + 0 = 0.1118
Price = (1.51 * (1 + -0.052)) / (0.1118 - -0.052) = 8.74

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 Ebitda(5) * (1 + Ebitda Yield) / (WACC - Ebitda Yield)
Company Value = ∑ (Discount Ebitda / (1 + WACC) ^ 5)
Discount Ebitda(5) = 1.91
Ebitda Yield = -0.0374
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 = 0.0033
Debt = 74.26
Market Cap = 42.58
Weight Debt = Market Cap / (Market Cap + Debt) = 42.58 / (42.58 + 74.26) = 0.3644
Weight Cost Debt = 100% - 0.3644 = 0.6356
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 = 1.41
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + 1.41 * 5.94 + 0 = 0.1118
WACC = (0.0033 / 74.26) * (100% - 0.3644) * (1 - 0.21) + 0.1118 + 0.3644 = 0.0443
Terminal Value = Discount (1.91 * (1 + -0.0374) / (0.0443 - -0.0374)) = 48.62
Company Value = ∑ (1.91 / (1 + 0.0443) ^ 5) = 10.33
Price = (Terminal Value + Company Value) / Count shares = (48.62 + 10.33) / 163990000 = 359.5

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) = 13.11
FCF Yield = -1.99
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 = 0.0033
Debt = 74.26
Market Cap = 42.58
Weight Debt = Market Cap / (Market Cap + Debt) = 42.58 / (42.58 + 74.26) = 0.3644
Weight Cost Debt = 100% - 0.3644 = 0.6356
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 = 1.41
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + 1.41 * 5.94 + 0 = 0.1118
WACC = (0.0033 / 74.26) * (100% - 0.3644) * (1 - 0.21) + 0.1118 + 0.3644 = 0.0443
Terminal Value = Discount (13.11 * (1 + -1.99) / (0.0443 - -1.99)) = -6.5
Company Value = ∑ (13.11 / (1 + 0.0443) ^ 5) = 13.4
Price = (Terminal Value + Company Value) / Count shares = (-6.5 + 13.4) / 163990000 = 42.08