BSE: SBIN - State Bank of India

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 = 75.17
CAGR EPS = 27.68%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 736.75 + (736.75 * 27.68% / 100) = 940.7

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) = 4869.09
Ebitda Yield = 0.0851
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 = 2597.36
Debt = 4440
Market Cap = 5110
Weight Debt = Market Cap / (Market Cap + Debt) = 5110 / (5110 + 4440) = 0.5351
Weight Cost Debt = 100% - 0.5351 = 0.4649
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 = 2.25
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + 2.25 * 5.94 + 0 = 0.1616
WACC = (2597.36 / 4440) * (100% - 0.5351) * (1 - 0.21) + 0.1616 + 0.5351 = 46.05
Terminal Value = Discount (4869.09 * (1 + 0.0851) / (46.05 - 0.0851)) = 2117.77
Company Value = ∑ (4869.09 / (1 + 46.05) ^ 5) = 7236.67
Price = (Terminal Value + Company Value) / Count shares = (2117.77 + 7236.67) / 8924610000 = 1048.16

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) = 151.45
FCF Yield = -0.028
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 = 2597.36
Debt = 4440
Market Cap = 5110
Weight Debt = Market Cap / (Market Cap + Debt) = 5110 / (5110 + 4440) = 0.5351
Weight Cost Debt = 100% - 0.5351 = 0.4649
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 = 2.25
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + 2.25 * 5.94 + 0 = 0.1616
WACC = (2597.36 / 4440) * (100% - 0.5351) * (1 - 0.21) + 0.1616 + 0.5351 = 46.05
Terminal Value = Discount (151.45 * (1 + -0.028) / (46.05 - -0.028)) = 45.34
Company Value = ∑ (151.45 / (1 + 46.05) ^ 5) = 301.98
Price = (Terminal Value + Company Value) / Count shares = (45.34 + 301.98) / 8924610000 = 38.92