BSE: STARCEMENT - Star Cement Limited

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 = 7.3
CAGR EPS = 1.27%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 7.3 * (1 + 1.27%) / (0.0433 * 2) = 85.38

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) = 5.83
Ebitda Yield = 0.0228
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 = 0.1083
Debt = 1.3
Market Cap = 57.68
Weight Debt = Market Cap / (Market Cap + Debt) = 57.68 / (57.68 + 1.3) = 0.978
Weight Cost Debt = 100% - 0.978 = 0.022
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) = 2.39
β = -1.63
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.39 + -1.63 * 5.94 + 0 = -0.0731
WACC = (0.1083 / 1.3) * (100% - 0.978) * (1 - 0.21) + -0.0731 + 0.978 = 6.45
Terminal Value = Discount (5.83 * (1 + 0.0228) / (6.45 - 0.0228)) = 104.57
Company Value = ∑ (5.83 / (1 + 6.45) ^ 5) = 23.12
Price = (Terminal Value + Company Value) / Count shares = (104.57 + 23.12) / 404180000 = 315.92

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) = 1.14
FCF Yield = -1.73
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 = 0.1083
Debt = 1.3
Market Cap = 57.68
Weight Debt = Market Cap / (Market Cap + Debt) = 57.68 / (57.68 + 1.3) = 0.978
Weight Cost Debt = 100% - 0.978 = 0.022
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) = 2.39
β = -1.63
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.39 + -1.63 * 5.94 + 0 = -0.0731
WACC = (0.1083 / 1.3) * (100% - 0.978) * (1 - 0.21) + -0.0731 + 0.978 = 6.45
Terminal Value = Discount (1.14 * (1 + -1.73) / (6.45 - -1.73)) = -0.3403
Company Value = ∑ (1.14 / (1 + 6.45) ^ 5) = 2.57
Price = (Terminal Value + Company Value) / Count shares = (-0.3403 + 2.57) / 404180000 = 5.51