BSE: ULTRACEMCO - UltraTech 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 = 243.07
CAGR EPS = 3.86%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 243.07 * (1 + 3.86%) / (0.0433 * 2) = 2915.09

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 = 70
g = 0.1277
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 = 1.02
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + 1.02 * 5.94 + 0 = 0.0887
Price = (70 * (1 + 0.1277)) / (0.0887 - 0.1277) = 2025

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) = 157.72
Ebitda Yield = 0.0723
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 = 9.6
Debt = 102.98
Market Cap = 2370
Weight Debt = Market Cap / (Market Cap + Debt) = 2370 / (2370 + 102.98) = 0.9584
Weight Cost Debt = 100% - 0.9584 = 0.0416
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 = 1.02
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + 1.02 * 5.94 + 0 = 0.0887
WACC = (9.6 / 102.98) * (100% - 0.9584) * (1 - 0.21) + 0.0887 + 0.9584 = 7.38
Terminal Value = Discount (157.72 * (1 + 0.0723) / (7.38 - 0.0723)) = 78952.67
Company Value = ∑ (157.72 / (1 + 7.38) ^ 5) = 554.02
Price = (Terminal Value + Company Value) / Count shares = (78952.67 + 554.02) / 288190000 = 275882.9

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) = 6.7
FCF Yield = -0.1876
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 = 9.6
Debt = 102.98
Market Cap = 2370
Weight Debt = Market Cap / (Market Cap + Debt) = 2370 / (2370 + 102.98) = 0.9584
Weight Cost Debt = 100% - 0.9584 = 0.0416
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 = 1.02
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + 1.02 * 5.94 + 0 = 0.0887
WACC = (9.6 / 102.98) * (100% - 0.9584) * (1 - 0.21) + 0.0887 + 0.9584 = 7.38
Terminal Value = Discount (6.7 * (1 + -0.1876) / (7.38 - -0.1876)) = 14.58
Company Value = ∑ (6.7 / (1 + 7.38) ^ 5) = 44.23
Price = (Terminal Value + Company Value) / Count shares = (14.58 + 44.23) / 288190000 = 204.08