BSE: PEL - Piramal Enterprises Limited

Price = Avg Price + (Avg Price * CAGR EPS% / 100)
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 = -75.31
CAGR EPS = 8.66%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 876.18 + (876.18 * 8.66% / 100) = 952.05

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 = 0.1166
g = 0.2906
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 = 2.47
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + 2.47 * 5.94 + 0 = 0.1752
Price = (0.1166 * (1 + 0.2906)) / (0.1752 - 0.2906) = 1.3

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) = 289.22
Ebitda Yield = 0.1381
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 = 27.24
Debt = 535.86
Market Cap = 236.55
Weight Debt = Market Cap / (Market Cap + Debt) = 236.55 / (236.55 + 535.86) = 0.3062
Weight Cost Debt = 100% - 0.3062 = 0.6938
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 = 2.47
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + 2.47 * 5.94 + 0 = 0.1752
WACC = (27.24 / 535.86) * (100% - 0.3062) * (1 - 0.21) + 0.1752 + 0.3062 = 4.06
Terminal Value = Discount (289.22 * (1 + 0.1381) / (4.06 - 0.1381)) = 2765.84
Company Value = ∑ (289.22 / (1 + 4.06) ^ 5) = 998.82
Price = (Terminal Value + Company Value) / Count shares = (2765.84 + 998.82) / 223560000 = 16839.59

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) = 0.0811
FCF Yield = -1.37
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 = 27.24
Debt = 535.86
Market Cap = 236.55
Weight Debt = Market Cap / (Market Cap + Debt) = 236.55 / (236.55 + 535.86) = 0.3062
Weight Cost Debt = 100% - 0.3062 = 0.6938
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 = 2.47
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + 2.47 * 5.94 + 0 = 0.1752
WACC = (27.24 / 535.86) * (100% - 0.3062) * (1 - 0.21) + 0.1752 + 0.3062 = 4.06
Terminal Value = Discount (0.0811 * (1 + -1.37) / (4.06 - -1.37)) = -0.0173
Company Value = ∑ (0.0811 / (1 + 4.06) ^ 5) = 3.25
Price = (Terminal Value + Company Value) / Count shares = (-0.0173 + 3.25) / 223560000 = 14.46