BSE: TEJASNET - Tejas Networks 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 = 3.69
CAGR EPS = 16.47%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 3.69 * (1 + 16.47%) / (0.0433 * 2) = 49.62

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) = 0.4913
Ebitda Yield = -0.1237
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 = 0.4628
Debt = 0.4982
Market Cap = 121.99
Weight Debt = Market Cap / (Market Cap + Debt) = 121.99 / (121.99 + 0.4982) = 0.9959
Weight Cost Debt = 100% - 0.9959 = 0.0041
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) = 2.89
β = -0.0247
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.89 + -0.0247 * 5.94 + 0 = 0.0274
WACC = (0.4628 / 0.4982) * (100% - 0.9959) * (1 - 0.21) + 0.0274 + 0.9959 = 72.68
Terminal Value = Discount (0.4913 * (1 + -0.1237) / (72.68 - -0.1237)) = 0.033
Company Value = ∑ (0.4913 / (1 + 72.68) ^ 5) = 0.9464
Price = (Terminal Value + Company Value) / Count shares = (0.033 + 0.9464) / 168370000 = 5.82

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) = -391.2
FCF Yield = 0.7411
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 = 0.4628
Debt = 0.4982
Market Cap = 121.99
Weight Debt = Market Cap / (Market Cap + Debt) = 121.99 / (121.99 + 0.4982) = 0.9959
Weight Cost Debt = 100% - 0.9959 = 0.0041
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) = 2.89
β = -0.0247
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.89 + -0.0247 * 5.94 + 0 = 0.0274
WACC = (0.4628 / 0.4982) * (100% - 0.9959) * (1 - 0.21) + 0.0274 + 0.9959 = 72.68
Terminal Value = Discount (-391.2 * (1 + 0.7411) / (72.68 - 0.7411)) = -3105.81
Company Value = ∑ (-391.2 / (1 + 72.68) ^ 5) = -125.31
Price = (Terminal Value + Company Value) / Count shares = (-3105.81 + -125.31) / 168370000 = -19190.59