BSE: YESBANK - Yes Bank 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 = 0.4467
CAGR EPS = 14.94%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 0.4467 * (1 + 14.94%) / (0.0433 * 2) = 5.93

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) = 178.24
Ebitda Yield = 0.0498
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 = 195.27
Debt = 777.54
Market Cap = 500.35
Weight Debt = Market Cap / (Market Cap + Debt) = 500.35 / (500.35 + 777.54) = 0.3915
Weight Cost Debt = 100% - 0.3915 = 0.6085
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) = 2.75
β = 2
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.75 + 2 * 5.94 + 0 = 0.1465
WACC = (195.27 / 777.54) * (100% - 0.3915) * (1 - 0.21) + 0.1465 + 0.3915 = 19.82
Terminal Value = Discount (178.24 * (1 + 0.0498) / (19.82 - 0.0498)) = 510.58
Company Value = ∑ (178.24 / (1 + 19.82) ^ 5) = 478.33
Price = (Terminal Value + Company Value) / Count shares = (510.58 + 478.33) / 28754780000 = 34.39

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) = 161.21
FCF Yield = 0.1322
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 = 195.27
Debt = 777.54
Market Cap = 500.35
Weight Debt = Market Cap / (Market Cap + Debt) = 500.35 / (500.35 + 777.54) = 0.3915
Weight Cost Debt = 100% - 0.3915 = 0.6085
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) = 2.75
β = 2
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.75 + 2 * 5.94 + 0 = 0.1465
WACC = (195.27 / 777.54) * (100% - 0.3915) * (1 - 0.21) + 0.1465 + 0.3915 = 19.82
Terminal Value = Discount (161.21 * (1 + 0.1322) / (19.82 - 0.1322)) = 1120.43
Company Value = ∑ (161.21 / (1 + 19.82) ^ 5) = 366.69
Price = (Terminal Value + Company Value) / Count shares = (1120.43 + 366.69) / 28754780000 = 51.72