BSE: TATAMOTORS - Tata Motors 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 = 81.93
CAGR EPS = 34.66%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 834.48 + (834.48 * 34.66% / 100) = 1123.68

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 = 3
g = -1.45
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 = 2.71
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + 2.71 * 5.94 + 0 = 0.1891
Price = (3 * (1 + -1.45)) / (0.1891 - -1.45) = -0.8226

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) = 3656.71
Ebitda Yield = 0.5716
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 = 99.86
Debt = 1010.48
Market Cap = 2310
Weight Debt = Market Cap / (Market Cap + Debt) = 2310 / (2310 + 1010.48) = 0.6957
Weight Cost Debt = 100% - 0.6957 = 0.3043
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 = 2.71
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + 2.71 * 5.94 + 0 = 0.1891
WACC = (99.86 / 1010.48) * (100% - 0.6957) * (1 - 0.21) + 0.1891 + 0.6957 = 7.88
Terminal Value = Discount (3656.71 * (1 + 0.5716) / (7.88 - 0.5716)) = 7980.44
Company Value = ∑ (3656.71 / (1 + 7.88) ^ 5) = 6763.85
Price = (Terminal Value + Company Value) / Count shares = (7980.44 + 6763.85) / 3832240000 = 3847.44

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) = 3309.11
FCF Yield = 0.5541
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 = 99.86
Debt = 1010.48
Market Cap = 2310
Weight Debt = Market Cap / (Market Cap + Debt) = 2310 / (2310 + 1010.48) = 0.6957
Weight Cost Debt = 100% - 0.6957 = 0.3043
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 = 2.71
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + 2.71 * 5.94 + 0 = 0.1891
WACC = (99.86 / 1010.48) * (100% - 0.6957) * (1 - 0.21) + 0.1891 + 0.6957 = 7.88
Terminal Value = Discount (3309.11 * (1 + 0.5541) / (7.88 - 0.5541)) = 7404.07
Company Value = ∑ (3309.11 / (1 + 7.88) ^ 5) = 6210.46
Price = (Terminal Value + Company Value) / Count shares = (7404.07 + 6210.46) / 3832240000 = 3552.63