NSE: BLAL - BEML Land Assets 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 = -74.75
CAGR EPS = 3.19%
Key Rate = 0.0458
Excess Key Rate = 2
Price = 197.87 + (197.87 * 3.19% / 100) = 204.18

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) = -20123.17
Ebitda Yield = 5
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 = 0.0308
Debt = 3.61
Market Cap = 6.8
Weight Debt = Market Cap / (Market Cap + Debt) = 6.8 / (6.8 + 3.61) = 0.6532
Weight Cost Debt = 100% - 0.6532 = 0.3468
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 = -0.3864
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.75 + -0.3864 * 5.94 + 0 = 0.0045
WACC = (0.0308 / 3.61) * (100% - 0.6532) * (1 - 0.21) + 0.0045 + 0.6532 = 0.6726
Terminal Value = Discount (-20123.17 * (1 + 5) / (0.6726 - 5)) = -23384.1
Company Value = ∑ (-20123.17 / (1 + 0.6726) ^ 5) = -23380.99
Price = (Terminal Value + Company Value) / Count shares = (-23384.1 + -23380.99) / 41640000 = -1123080.98

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) = 0.0065
FCF Yield = 0.7303
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 = 0.0308
Debt = 3.61
Market Cap = 6.8
Weight Debt = Market Cap / (Market Cap + Debt) = 6.8 / (6.8 + 3.61) = 0.6532
Weight Cost Debt = 100% - 0.6532 = 0.3468
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 = -0.3864
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.75 + -0.3864 * 5.94 + 0 = 0.0045
WACC = (0.0308 / 3.61) * (100% - 0.6532) * (1 - 0.21) + 0.0045 + 0.6532 = 0.6726
Terminal Value = Discount (0.0065 * (1 + 0.7303) / (0.6726 - 0.7303)) = 0.0151
Company Value = ∑ (0.0065 / (1 + 0.6726) ^ 5) = 0.0141
Price = (Terminal Value + Company Value) / Count shares = (0.0151 + 0.0141) / 41640000 = 0.6995