NSE: ADANIPORTS - Adani Ports and Special Economic Zone 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 = 37.55
CAGR EPS = 15.37%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 37.55 * (1 + 15.37%) / (0.0433 * 2) = 500.21

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 = 6
g = 0.232
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 = 0.4358
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + 0.4358 * 5.94 + 0 = 0.0541
Price = (6 * (1 + 0.232)) / (0.0541 - 0.232) = 41.56

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) = 320.36
Ebitda Yield = 0.1361
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 = 27.84
Debt = 491.67
Market Cap = 1810
Weight Debt = Market Cap / (Market Cap + Debt) = 1810 / (1810 + 491.67) = 0.7864
Weight Cost Debt = 100% - 0.7864 = 0.2136
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 = 0.4358
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + 0.4358 * 5.94 + 0 = 0.0541
WACC = (27.84 / 491.67) * (100% - 0.7864) * (1 - 0.21) + 0.0541 + 0.7864 = 4.48
Terminal Value = Discount (320.36 * (1 + 0.1361) / (4.48 - 0.1361)) = 3203.19
Company Value = ∑ (320.36 / (1 + 4.48) ^ 5) = 1095.78
Price = (Terminal Value + Company Value) / Count shares = (3203.19 + 1095.78) / 2160140000 = 1990.13

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) = 133.93
FCF Yield = 0.1199
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 = 27.84
Debt = 491.67
Market Cap = 1810
Weight Debt = Market Cap / (Market Cap + Debt) = 1810 / (1810 + 491.67) = 0.7864
Weight Cost Debt = 100% - 0.7864 = 0.2136
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 = 0.4358
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + 0.4358 * 5.94 + 0 = 0.0541
WACC = (27.84 / 491.67) * (100% - 0.7864) * (1 - 0.21) + 0.0541 + 0.7864 = 4.48
Terminal Value = Discount (133.93 * (1 + 0.1199) / (4.48 - 0.1199)) = 1603.48
Company Value = ∑ (133.93 / (1 + 4.48) ^ 5) = 470.35
Price = (Terminal Value + Company Value) / Count shares = (1603.48 + 470.35) / 2160140000 = 960.04