BSE: RAMCOSYS - Ramco Systems 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 = -68.3
CAGR EPS = 8.66%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 287.83 + (287.83 * 8.66% / 100) = 312.75

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) = 0.1352
Ebitda Yield = -1.64
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 = 0.0622
Debt = 1.06
Market Cap = 8.73
Weight Debt = Market Cap / (Market Cap + Debt) = 8.73 / (8.73 + 1.06) = 0.8917
Weight Cost Debt = 100% - 0.8917 = 0.1083
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 = 3.99
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + 3.99 * 5.94 + 0 = 0.265
WACC = (0.0622 / 1.06) * (100% - 0.8917) * (1 - 0.21) + 0.265 + 0.8917 = 4.83
Terminal Value = Discount (0.1352 * (1 + -1.64) / (4.83 - -1.64)) = -0.0405
Company Value = ∑ (0.1352 / (1 + 4.83) ^ 5) = 0.5151
Price = (Terminal Value + Company Value) / Count shares = (-0.0405 + 0.5151) / 35420000 = 13.4

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) = 0.4537
FCF Yield = 0.2478
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 = 0.0622
Debt = 1.06
Market Cap = 8.73
Weight Debt = Market Cap / (Market Cap + Debt) = 8.73 / (8.73 + 1.06) = 0.8917
Weight Cost Debt = 100% - 0.8917 = 0.1083
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 = 3.99
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + 3.99 * 5.94 + 0 = 0.265
WACC = (0.0622 / 1.06) * (100% - 0.8917) * (1 - 0.21) + 0.265 + 0.8917 = 4.83
Terminal Value = Discount (0.4537 * (1 + 0.2478) / (4.83 - 0.2478)) = 2.24
Company Value = ∑ (0.4537 / (1 + 4.83) ^ 5) = 1.3
Price = (Terminal Value + Company Value) / Count shares = (2.24 + 1.3) / 35420000 = 100.08