NSE: CREDITACC - CreditAccess Grameen 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 = 90.41
CAGR EPS = 31.49%
Key Rate = 0.0458
Excess Key Rate = 2
Price = 1255.55 + (1255.55 * 31.49% / 100) = 1650.94

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 = 10
g = 0.3779
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 = 4.38
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.75 + 4.38 * 5.94 + 0 = 0.2875
Price = (10 * (1 + 0.3779)) / (0.2875 - 0.3779) = 152.32

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) = 58.78
Ebitda Yield = 0.2163
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 = 2.18
Debt = 218.41
Market Cap = 218.34
Weight Debt = Market Cap / (Market Cap + Debt) = 218.34 / (218.34 + 218.41) = 0.4999
Weight Cost Debt = 100% - 0.4999 = 0.5001
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 = 4.38
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.75 + 4.38 * 5.94 + 0 = 0.2875
WACC = (2.18 / 218.41) * (100% - 0.4999) * (1 - 0.21) + 0.2875 + 0.4999 = 0.9277
Terminal Value = Discount (58.78 * (1 + 0.2163) / (0.9277 - 0.2163)) = 329.77
Company Value = ∑ (58.78 / (1 + 0.9277) ^ 5) = 200.02
Price = (Terminal Value + Company Value) / Count shares = (329.77 + 200.02) / 159420000 = 3323.25

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) = -87.24
FCF Yield = 0.1291
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 = 2.18
Debt = 218.41
Market Cap = 218.34
Weight Debt = Market Cap / (Market Cap + Debt) = 218.34 / (218.34 + 218.41) = 0.4999
Weight Cost Debt = 100% - 0.4999 = 0.5001
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 = 4.38
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.75 + 4.38 * 5.94 + 0 = 0.2875
WACC = (2.18 / 218.41) * (100% - 0.4999) * (1 - 0.21) + 0.2875 + 0.4999 = 0.9277
Terminal Value = Discount (-87.24 * (1 + 0.1291) / (0.9277 - 0.1291)) = -785.04
Company Value = ∑ (-87.24 / (1 + 0.9277) ^ 5) = -337
Price = (Terminal Value + Company Value) / Count shares = (-785.04 + -337) / 159420000 = -7038.29