NSE: 20MICRONS - 20 Microns 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 = 15.89
CAGR EPS = 18.4%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 166.61 + (166.61 * 18.4% / 100) = 197.26

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 = 1.25
g = 0.1381
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) = 3
β = 4.49
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 3 + 4.49 * 5.94 + 0 = 0.2965
Price = (1.25 * (1 + 0.1381)) / (0.2965 - 0.1381) = 8.98

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) = 1.41
Ebitda Yield = 0.0722
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 = 0.1646
Debt = 1.22
Market Cap = 0
Weight Debt = Market Cap / (Market Cap + Debt) = 0 / (0 + 1.22) = 0
Weight Cost Debt = 100% - 0 = 1
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) = 3
β = 4.49
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 3 + 4.49 * 5.94 + 0 = 0.2965
WACC = (0.1646 / 1.22) * (100% - 0) * (1 - 0.21) + 0.2965 + 0 = 10.67
Terminal Value = Discount (1.41 * (1 + 0.0722) / (10.67 - 0.0722)) = 26.33
Company Value = ∑ (1.41 / (1 + 10.67) ^ 5) = 4.53
Price = (Terminal Value + Company Value) / Count shares = (26.33 + 4.53) / 35290000 = 874.32

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) = 0.4315
FCF Yield = 0.0454
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 = 0.1646
Debt = 1.22
Market Cap = 0
Weight Debt = Market Cap / (Market Cap + Debt) = 0 / (0 + 1.22) = 0
Weight Cost Debt = 100% - 0 = 1
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) = 3
β = 4.49
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 3 + 4.49 * 5.94 + 0 = 0.2965
WACC = (0.1646 / 1.22) * (100% - 0) * (1 - 0.21) + 0.2965 + 0 = 10.67
Terminal Value = Discount (0.4315 * (1 + 0.0454) / (10.67 - 0.0454)) = 4.43
Company Value = ∑ (0.4315 / (1 + 10.67) ^ 5) = 1.46
Price = (Terminal Value + Company Value) / Count shares = (4.43 + 1.46) / 35290000 = 166.93