NSE: ADANIGREEN - Adani Green Energy 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 = 6.94
CAGR EPS = 77.09%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 6.94 * (1 + 77.09%) / (0.0433 * 2) = 141.84

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) = 347.17
Ebitda Yield = 0.3493
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 = 43.25
Debt = 648.58
Market Cap = 1580
Weight Debt = Market Cap / (Market Cap + Debt) = 1580 / (1580 + 648.58) = 0.709
Weight Cost Debt = 100% - 0.709 = 0.291
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 = 5.21
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.75 + 5.21 * 5.94 + 0 = 0.3369
WACC = (43.25 / 648.58) * (100% - 0.709) * (1 - 0.21) + 0.3369 + 0.709 = 5.47
Terminal Value = Discount (347.17 * (1 + 0.3493) / (5.47 - 0.3493)) = 1218.42
Company Value = ∑ (347.17 / (1 + 5.47) ^ 5) = 862.85
Price = (Terminal Value + Company Value) / Count shares = (1218.42 + 862.85) / 1581780000 = 1315.77

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) = -335.67
FCF Yield = 0.3302
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 = 43.25
Debt = 648.58
Market Cap = 1580
Weight Debt = Market Cap / (Market Cap + Debt) = 1580 / (1580 + 648.58) = 0.709
Weight Cost Debt = 100% - 0.709 = 0.291
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 = 5.21
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.75 + 5.21 * 5.94 + 0 = 0.3369
WACC = (43.25 / 648.58) * (100% - 0.709) * (1 - 0.21) + 0.3369 + 0.709 = 5.47
Terminal Value = Discount (-335.67 * (1 + 0.3302) / (5.47 - 0.3302)) = -1241.86
Company Value = ∑ (-335.67 / (1 + 5.47) ^ 5) = -852.7
Price = (Terminal Value + Company Value) / Count shares = (-1241.86 + -852.7) / 1581780000 = -1324.17