NSE: DEN - DEN Networks 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 = 4.5
CAGR EPS = 25.09%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 45.09 + (45.09 * 25.09% / 100) = 56.4

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) = 3.69
Ebitda Yield = 0.0041
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 = 0.0257
Debt = 0.2551
Market Cap = 16.87
Weight Debt = Market Cap / (Market Cap + Debt) = 16.87 / (16.87 + 0.2551) = 0.9851
Weight Cost Debt = 100% - 0.9851 = 0.0149
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) = 3
β = 3.69
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 3 + 3.69 * 5.94 + 0 = 0.2489
WACC = (0.0257 / 0.2551) * (100% - 0.9851) * (1 - 0.21) + 0.2489 + 0.9851 = 8.14
Terminal Value = Discount (3.69 * (1 + 0.0041) / (8.14 - 0.0041)) = 32.47
Company Value = ∑ (3.69 / (1 + 8.14) ^ 5) = 14.56
Price = (Terminal Value + Company Value) / Count shares = (32.47 + 14.56) / 476770000 = 98.64

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) = 0.484
FCF Yield = -0.1133
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 = 0.0257
Debt = 0.2551
Market Cap = 16.87
Weight Debt = Market Cap / (Market Cap + Debt) = 16.87 / (16.87 + 0.2551) = 0.9851
Weight Cost Debt = 100% - 0.9851 = 0.0149
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) = 3
β = 3.69
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 3 + 3.69 * 5.94 + 0 = 0.2489
WACC = (0.0257 / 0.2551) * (100% - 0.9851) * (1 - 0.21) + 0.2489 + 0.9851 = 8.14
Terminal Value = Discount (0.484 * (1 + -0.1133) / (8.14 - -0.1133)) = 1.49
Company Value = ∑ (0.484 / (1 + 8.14) ^ 5) = 2.53
Price = (Terminal Value + Company Value) / Count shares = (1.49 + 2.53) / 476770000 = 8.44