BSE: MINDSPACE - Mindspace Business Parks REIT

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 = 8.85
CAGR EPS = 2.05%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 8.85 * (1 + 2.05%) / (0.0433 * 2) = 104.32

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 = 13.64
g = 0.0871
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 = 0.7262
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + 0.7262 * 5.94 + 0 = 0.0713
Price = (13.64 * (1 + 0.0871)) / (0.0713 - 0.0871) = 941.53

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) = 15.03
Ebitda Yield = 0.0091
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 = 4.57
Debt = 69.73
Market Cap = 0
Weight Debt = Market Cap / (Market Cap + Debt) = 0 / (0 + 69.73) = 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 = 0.7262
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + 0.7262 * 5.94 + 0 = 0.0713
WACC = (4.57 / 69.73) * (100% - 0) * (1 - 0.21) + 0.0713 + 0 = 5.17
Terminal Value = Discount (15.03 * (1 + 0.0091) / (5.17 - 0.0091)) = 276.54
Company Value = ∑ (15.03 / (1 + 5.17) ^ 5) = 63.55
Price = (Terminal Value + Company Value) / Count shares = (276.54 + 63.55) / 593020000 = 573.49

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) = 10.76
FCF Yield = 0.1941
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 = 4.57
Debt = 69.73
Market Cap = 0
Weight Debt = Market Cap / (Market Cap + Debt) = 0 / (0 + 69.73) = 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 = 0.7262
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + 0.7262 * 5.94 + 0 = 0.0713
WACC = (4.57 / 69.73) * (100% - 0) * (1 - 0.21) + 0.0713 + 0 = 5.17
Terminal Value = Discount (10.76 * (1 + 0.1941) / (5.17 - 0.1941)) = 70.15
Company Value = ∑ (10.76 / (1 + 5.17) ^ 5) = 32.96
Price = (Terminal Value + Company Value) / Count shares = (70.15 + 32.96) / 593020000 = 173.88