NSE: AKZOINDIA - Akzo Nobel India 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 = 93.68
CAGR EPS = 12.44%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 93.68 * (1 + 12.44%) / (0.0433 * 2) = 1216.23

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 = 95
g = 0.1386
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 = 1.81
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + 1.81 * 5.94 + 0 = 0.1358
Price = (95 * (1 + 0.1386)) / (0.1358 - 0.1386) = 37754.12

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) = 9.86
Ebitda Yield = 0.0813
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 = 0.125
Debt = 0.604
Market Cap = 120.49
Weight Debt = Market Cap / (Market Cap + Debt) = 120.49 / (120.49 + 0.604) = 0.995
Weight Cost Debt = 100% - 0.995 = 0.005
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 = 1.81
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + 1.81 * 5.94 + 0 = 0.1358
WACC = (0.125 / 0.604) * (100% - 0.995) * (1 - 0.21) + 0.1358 + 0.995 = 16.32
Terminal Value = Discount (9.86 * (1 + 0.0813) / (16.32 - 0.0813)) = 61.09
Company Value = ∑ (9.86 / (1 + 16.32) ^ 5) = 26.94
Price = (Terminal Value + Company Value) / Count shares = (61.09 + 26.94) / 45540000 = 1933.03

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) = 4.03
FCF Yield = 0.019
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 = 0.125
Debt = 0.604
Market Cap = 120.49
Weight Debt = Market Cap / (Market Cap + Debt) = 120.49 / (120.49 + 0.604) = 0.995
Weight Cost Debt = 100% - 0.995 = 0.005
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 = 1.81
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + 1.81 * 5.94 + 0 = 0.1358
WACC = (0.125 / 0.604) * (100% - 0.995) * (1 - 0.21) + 0.1358 + 0.995 = 16.32
Terminal Value = Discount (4.03 * (1 + 0.019) / (16.32 - 0.019)) = 13.38
Company Value = ∑ (4.03 / (1 + 16.32) ^ 5) = 12.55
Price = (Terminal Value + Company Value) / Count shares = (13.38 + 12.55) / 45540000 = 569.55