NSE: DABUR - Dabur India 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 = 10.7
CAGR EPS = 5.47%
Key Rate = 0.0458
Excess Key Rate = 2
Price = 10.7 * (1 + 5.47%) / (0.0458 * 2) = 123.23

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 = 5.5
g = 0.041
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 = 0.0526
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.75 + 0.0526 * 5.94 + 0 = 0.0306
Price = (5.5 * (1 + 0.041)) / (0.0306 - 0.041) = 553.18

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) = 27.07
Ebitda Yield = 0.0243
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 = 1.24
Debt = 11.95
Market Cap = 1000
Weight Debt = Market Cap / (Market Cap + Debt) = 1000 / (1000 + 11.95) = 0.9882
Weight Cost Debt = 100% - 0.9882 = 0.0118
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 = 0.0526
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.75 + 0.0526 * 5.94 + 0 = 0.0306
WACC = (1.24 / 11.95) * (100% - 0.9882) * (1 - 0.21) + 0.0306 + 0.9882 = 8.16
Terminal Value = Discount (27.07 * (1 + 0.0243) / (8.16 - 0.0243)) = 327.03
Company Value = ∑ (27.07 / (1 + 8.16) ^ 5) = 102.24
Price = (Terminal Value + Company Value) / Count shares = (327.03 + 102.24) / 1776300000 = 241.67

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) = 23.29
FCF Yield = 0.0613
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 = 1.24
Debt = 11.95
Market Cap = 1000
Weight Debt = Market Cap / (Market Cap + Debt) = 1000 / (1000 + 11.95) = 0.9882
Weight Cost Debt = 100% - 0.9882 = 0.0118
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 = 0.0526
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.75 + 0.0526 * 5.94 + 0 = 0.0306
WACC = (1.24 / 11.95) * (100% - 0.9882) * (1 - 0.21) + 0.0306 + 0.9882 = 8.16
Terminal Value = Discount (23.29 * (1 + 0.0613) / (8.16 - 0.0613)) = 821.05
Company Value = ∑ (23.29 / (1 + 8.16) ^ 5) = 81.74
Price = (Terminal Value + Company Value) / Count shares = (821.05 + 81.74) / 1776300000 = 508.24