NSE: BATAINDIA - Bata 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 = 20.42
CAGR EPS = -4.29%
Key Rate = 0.0458
Excess Key Rate = 2
Price = 20.42 * (1 + -4.29%) / (0.0458 * 2) = 213.38

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 = 22
g = 0.2177
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 = 1
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.75 + 1 * 5.94 + 0 = 0.087
Price = (22 * (1 + 0.2177)) / (0.087 - 0.2177) = 205.01

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) = 7.5
Ebitda Yield = -0.0164
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 = 1.17
Debt = 13.57
Market Cap = 216.38
Weight Debt = Market Cap / (Market Cap + Debt) = 216.38 / (216.38 + 13.57) = 0.941
Weight Cost Debt = 100% - 0.941 = 0.059
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 = 1
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.75 + 1 * 5.94 + 0 = 0.087
WACC = (1.17 / 13.57) * (100% - 0.941) * (1 - 0.21) + 0.087 + 0.941 = 6.83
Terminal Value = Discount (7.5 * (1 + -0.0164) / (6.83 - -0.0164)) = 62.65
Company Value = ∑ (7.5 / (1 + 6.83) ^ 5) = 32.02
Price = (Terminal Value + Company Value) / Count shares = (62.65 + 32.02) / 128530000 = 736.51

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) = 2.68
FCF Yield = -0.0529
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 = 1.17
Debt = 13.57
Market Cap = 216.38
Weight Debt = Market Cap / (Market Cap + Debt) = 216.38 / (216.38 + 13.57) = 0.941
Weight Cost Debt = 100% - 0.941 = 0.059
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 = 1
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.75 + 1 * 5.94 + 0 = 0.087
WACC = (1.17 / 13.57) * (100% - 0.941) * (1 - 0.21) + 0.087 + 0.941 = 6.83
Terminal Value = Discount (2.68 * (1 + -0.0529) / (6.83 - -0.0529)) = 15.07
Company Value = ∑ (2.68 / (1 + 6.83) ^ 5) = 12.45
Price = (Terminal Value + Company Value) / Count shares = (15.07 + 12.45) / 128530000 = 214.1