BSE: SPANDANA - Spandana Sphoorty Financial 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 = 70.22
CAGR EPS = 11.82%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 555.03 + (555.03 * 11.82% / 100) = 620.65

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) = 2.3
Ebitda Yield = -0.0953
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 = 0.0131
Debt = 94.25
Market Cap = 0
Weight Debt = Market Cap / (Market Cap + Debt) = 0 / (0 + 94.25) = 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 = 4.44
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + 4.44 * 5.94 + 0 = 0.292
WACC = (0.0131 / 94.25) * (100% - 0) * (1 - 0.21) + 0.292 + 0 = 0.011
Terminal Value = Discount (2.3 * (1 + -0.0953) / (0.011 - -0.0953)) = 21.76
Company Value = ∑ (2.3 / (1 + 0.011) ^ 5) = 14.16
Price = (Terminal Value + Company Value) / Count shares = (21.76 + 14.16) / 71300000 = 503.8

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) = -1024.87
FCF Yield = 1.06
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 = 0.0131
Debt = 94.25
Market Cap = 0
Weight Debt = Market Cap / (Market Cap + Debt) = 0 / (0 + 94.25) = 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 = 4.44
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + 4.44 * 5.94 + 0 = 0.292
WACC = (0.0131 / 94.25) * (100% - 0) * (1 - 0.21) + 0.292 + 0 = 0.011
Terminal Value = Discount (-1024.87 * (1 + 1.06) / (0.011 - 1.06)) = -1986.73
Company Value = ∑ (-1024.87 / (1 + 0.011) ^ 5) = -1933.73
Price = (Terminal Value + Company Value) / Count shares = (-1986.73 + -1933.73) / 71300000 = -54985.5