NSE: BHEL - Bharat Heavy Electricals 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 = 0.81
CAGR EPS = 16.98%
Key Rate = 0.0458
Excess Key Rate = 2
Price = 0.81 * (1 + 16.98%) / (0.0458 * 2) = 10.34

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 = 0.25
g = -2.75
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) = 2.6
β = -0.5572
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.6 + -0.5572 * 5.94 + 0 = -0.0071
Price = (0.25 * (1 + -2.75)) / (-0.0071 - -2.75) = -0.1596

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) = 10.42
Ebitda Yield = 0.112
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 = 7.31
Debt = 88.56
Market Cap = 341.49
Weight Debt = Market Cap / (Market Cap + Debt) = 341.49 / (341.49 + 88.56) = 0.7941
Weight Cost Debt = 100% - 0.7941 = 0.2059
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) = 2.6
β = -0.5572
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.6 + -0.5572 * 5.94 + 0 = -0.0071
WACC = (7.31 / 88.56) * (100% - 0.7941) * (1 - 0.21) + -0.0071 + 0.7941 = 6.47
Terminal Value = Discount (10.42 * (1 + 0.112) / (6.47 - 0.112)) = 178.81
Company Value = ∑ (10.42 / (1 + 6.47) ^ 5) = 34.97
Price = (Terminal Value + Company Value) / Count shares = (178.81 + 34.97) / 3482100000 = 61.39

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) = -48.36
FCF Yield = 0.0339
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 = 7.31
Debt = 88.56
Market Cap = 341.49
Weight Debt = Market Cap / (Market Cap + Debt) = 341.49 / (341.49 + 88.56) = 0.7941
Weight Cost Debt = 100% - 0.7941 = 0.2059
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) = 2.6
β = -0.5572
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.6 + -0.5572 * 5.94 + 0 = -0.0071
WACC = (7.31 / 88.56) * (100% - 0.7941) * (1 - 0.21) + -0.0071 + 0.7941 = 6.47
Terminal Value = Discount (-48.36 * (1 + 0.0339) / (6.47 - 0.0339)) = -1188.68
Company Value = ∑ (-48.36 / (1 + 6.47) ^ 5) = -187.6
Price = (Terminal Value + Company Value) / Count shares = (-1188.68 + -187.6) / 3482100000 = -395.24