BSE: TEAMLEASE - TeamLease Services 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 = 66.9
CAGR EPS = 26.74%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 66.9 * (1 + 26.74%) / (0.0433 * 2) = 979.16

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 Ebitda(5) * (1 + Ebitda Yield) / (WACC - Ebitda Yield)
Company Value = ∑ (Discount Ebitda / (1 + WACC) ^ 5)
Discount Ebitda(5) = 2.22
Ebitda Yield = 0.0631
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 = 0.1023
Debt = 1
Market Cap = 40.8
Weight Debt = Market Cap / (Market Cap + Debt) = 40.8 / (40.8 + 1) = 0.9761
Weight Cost Debt = 100% - 0.9761 = 0.0239
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 = 3.4
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.39 + 3.4 * 5.94 + 0 = 0.2258
WACC = (0.1023 / 1) * (100% - 0.9761) * (1 - 0.21) + 0.2258 + 0.9761 = 8.22
Terminal Value = Discount (2.22 * (1 + 0.0631) / (8.22 - 0.0631)) = 83.09
Company Value = ∑ (2.22 / (1 + 8.22) ^ 5) = 7.77
Price = (Terminal Value + Company Value) / Count shares = (83.09 + 7.77) / 16760000 = 5420.99

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) = 11.1
FCF Yield = 0.6273
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 = 0.1023
Debt = 1
Market Cap = 40.8
Weight Debt = Market Cap / (Market Cap + Debt) = 40.8 / (40.8 + 1) = 0.9761
Weight Cost Debt = 100% - 0.9761 = 0.0239
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 = 3.4
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.39 + 3.4 * 5.94 + 0 = 0.2258
WACC = (0.1023 / 1) * (100% - 0.9761) * (1 - 0.21) + 0.2258 + 0.9761 = 8.22
Terminal Value = Discount (11.1 * (1 + 0.6273) / (8.22 - 0.6273)) = 22.33
Company Value = ∑ (11.1 / (1 + 8.22) ^ 5) = 19.42
Price = (Terminal Value + Company Value) / Count shares = (22.33 + 19.42) / 16760000 = 2490.96