NSE: BFUTILITIE - BF Utilities Limited

Price = Avg Price + (Avg Price * CAGR EPS% / 100)
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 = 68.14
CAGR EPS = 46.23%
Key Rate = 0.0458
Excess Key Rate = 2
Price = 808.6 + (808.6 * 46.23% / 100) = 1182.43

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) = 7.3
Ebitda Yield = 0.0722
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 = 1.83
Debt = 14.8
Market Cap = 13.77
Weight Debt = Market Cap / (Market Cap + Debt) = 13.77 / (13.77 + 14.8) = 0.4819
Weight Cost Debt = 100% - 0.4819 = 0.5181
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 = -0.0545
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.75 + -0.0545 * 5.94 + 0 = 0.0243
WACC = (1.83 / 14.8) * (100% - 0.4819) * (1 - 0.21) + 0.0243 + 0.4819 = 9.73
Terminal Value = Discount (7.3 * (1 + 0.0722) / (9.73 - 0.0722)) = 195.54
Company Value = ∑ (7.3 / (1 + 9.73) ^ 5) = 24.03
Price = (Terminal Value + Company Value) / Count shares = (195.54 + 24.03) / 37670000 = 5828.73

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) = 2.73
FCF Yield = -0.0332
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 = 1.83
Debt = 14.8
Market Cap = 13.77
Weight Debt = Market Cap / (Market Cap + Debt) = 13.77 / (13.77 + 14.8) = 0.4819
Weight Cost Debt = 100% - 0.4819 = 0.5181
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 = -0.0545
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.75 + -0.0545 * 5.94 + 0 = 0.0243
WACC = (1.83 / 14.8) * (100% - 0.4819) * (1 - 0.21) + 0.0243 + 0.4819 = 9.73
Terminal Value = Discount (2.73 * (1 + -0.0332) / (9.73 - -0.0332)) = 12.71
Company Value = ∑ (2.73 / (1 + 9.73) ^ 5) = 11.23
Price = (Terminal Value + Company Value) / Count shares = (12.71 + 11.23) / 37670000 = 635.51