NSE: CARTRADE - CarTrade Tech 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 = 2.81
CAGR EPS = -16.3%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 2.81 * (1 + -16.3%) / (0.0433 * 2) = 27.12

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) = 3.57
Ebitda Yield = 0.1961
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 = 0.1025
Debt = 1.12
Market Cap = 22.39
Weight Debt = Market Cap / (Market Cap + Debt) = 22.39 / (22.39 + 1.12) = 0.9522
Weight Cost Debt = 100% - 0.9522 = 0.0478
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 = -12.43
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.75 + -12.43 * 5.94 + 0 = -0.7111
WACC = (0.1025 / 1.12) * (100% - 0.9522) * (1 - 0.21) + -0.7111 + 0.9522 = 6.45
Terminal Value = Discount (3.57 * (1 + 0.1961) / (6.45 - 0.1961)) = 23.72
Company Value = ∑ (3.57 / (1 + 6.45) ^ 5) = 10.47
Price = (Terminal Value + Company Value) / Count shares = (23.72 + 10.47) / 50690000 = 674.51

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) = 0.1348
FCF Yield = 0.0079
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 = 0.1025
Debt = 1.12
Market Cap = 22.39
Weight Debt = Market Cap / (Market Cap + Debt) = 22.39 / (22.39 + 1.12) = 0.9522
Weight Cost Debt = 100% - 0.9522 = 0.0478
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 = -12.43
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.75 + -12.43 * 5.94 + 0 = -0.7111
WACC = (0.1025 / 1.12) * (100% - 0.9522) * (1 - 0.21) + -0.7111 + 0.9522 = 6.45
Terminal Value = Discount (0.1348 * (1 + 0.0079) / (6.45 - 0.0079)) = 1.76
Company Value = ∑ (0.1348 / (1 + 6.45) ^ 5) = 0.5518
Price = (Terminal Value + Company Value) / Count shares = (1.76 + 0.5518) / 50690000 = 45.53