NSE: DIXON - Dixon Technologies (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 = 62.46
CAGR EPS = -9.96%
Key Rate = 0.0458
Excess Key Rate = 2
Price = 62.46 * (1 + -9.96%) / (0.0458 * 2) = 613.95

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
g = 0.3147
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 = 4.55
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.75 + 4.55 * 5.94 + 0 = 0.2979
Price = (5 * (1 + 0.3147)) / (0.2979 - 0.3147) = 391.22

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) = 17.01
Ebitda Yield = 0.1952
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 = 0.7472
Debt = 1.77
Market Cap = 245.03
Weight Debt = Market Cap / (Market Cap + Debt) = 245.03 / (245.03 + 1.77) = 0.9928
Weight Cost Debt = 100% - 0.9928 = 0.0072
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 = 4.55
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.75 + 4.55 * 5.94 + 0 = 0.2979
WACC = (0.7472 / 1.77) * (100% - 0.9928) * (1 - 0.21) + 0.2979 + 0.9928 = 33.32
Terminal Value = Discount (17.01 * (1 + 0.1952) / (33.32 - 0.1952)) = 35
Company Value = ∑ (17.01 / (1 + 33.32) ^ 5) = 25.43
Price = (Terminal Value + Company Value) / Count shares = (35 + 25.43) / 59850000 = 1009.75

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) = 0.0099
FCF Yield = -1.46
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 = 0.7472
Debt = 1.77
Market Cap = 245.03
Weight Debt = Market Cap / (Market Cap + Debt) = 245.03 / (245.03 + 1.77) = 0.9928
Weight Cost Debt = 100% - 0.9928 = 0.0072
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 = 4.55
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.75 + 4.55 * 5.94 + 0 = 0.2979
WACC = (0.7472 / 1.77) * (100% - 0.9928) * (1 - 0.21) + 0.2979 + 0.9928 = 33.32
Terminal Value = Discount (0.0099 * (1 + -1.46) / (33.32 - -1.46)) = -0.000601
Company Value = ∑ (0.0099 / (1 + 33.32) ^ 5) = 0.1247
Price = (Terminal Value + Company Value) / Count shares = (-0.000601 + 0.1247) / 59850000 = 2.07