NSE: BAJAJHLDNG - Bajaj Holdings & Investment 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 = 653
CAGR EPS = 19.43%
Key Rate = 0.0458
Excess Key Rate = 2
Price = 653 * (1 + 19.43%) / (0.0458 * 2) = 8513.62

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 = 86
g = 0.9049
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 = 3.05
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.75 + 3.05 * 5.94 + 0 = 0.2084
Price = (86 * (1 + 0.9049)) / (0.2084 - 0.9049) = 235.21

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) = 65.31
Ebitda Yield = 0.3294
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 = 0.0216
Debt = 0.6257
Market Cap = 826.34
Weight Debt = Market Cap / (Market Cap + Debt) = 826.34 / (826.34 + 0.6257) = 0.9992
Weight Cost Debt = 100% - 0.9992 = 0.00080000000000002
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 = 3.05
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.75 + 3.05 * 5.94 + 0 = 0.2084
WACC = (0.0216 / 0.6257) * (100% - 0.9992) * (1 - 0.21) + 0.2084 + 0.9992 = 2.91
Terminal Value = Discount (65.31 * (1 + 0.3294) / (2.91 - 0.3294)) = 250.54
Company Value = ∑ (65.31 / (1 + 2.91) ^ 5) = 180.89
Price = (Terminal Value + Company Value) / Count shares = (250.54 + 180.89) / 111290000 = 3876.65

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) = 19.61
FCF Yield = 0.0021
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 = 0.0216
Debt = 0.6257
Market Cap = 826.34
Weight Debt = Market Cap / (Market Cap + Debt) = 826.34 / (826.34 + 0.6257) = 0.9992
Weight Cost Debt = 100% - 0.9992 = 0.00080000000000002
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 = 3.05
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.75 + 3.05 * 5.94 + 0 = 0.2084
WACC = (0.0216 / 0.6257) * (100% - 0.9992) * (1 - 0.21) + 0.2084 + 0.9992 = 2.91
Terminal Value = Discount (19.61 * (1 + 0.0021) / (2.91 - 0.0021)) = 630.72
Company Value = ∑ (19.61 / (1 + 2.91) ^ 5) = 89.68
Price = (Terminal Value + Company Value) / Count shares = (630.72 + 89.68) / 111290000 = 6473.19