NSE: DMART - Avenue Supermarts 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 = 38.93
CAGR EPS = 12.74%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 38.93 * (1 + 12.74%) / (0.0433 * 2) = 506.77

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) = 73.15
Ebitda Yield = 0.1147
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 = 0.5813
Debt = 5.92
Market Cap = 2300
Weight Debt = Market Cap / (Market Cap + Debt) = 2300 / (2300 + 5.92) = 0.9974
Weight Cost Debt = 100% - 0.9974 = 0.0026
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 = 4.72
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 3 + 4.72 * 5.94 + 0 = 0.3104
WACC = (0.5813 / 5.92) * (100% - 0.9974) * (1 - 0.21) + 0.3104 + 0.9974 = 7.99
Terminal Value = Discount (73.15 * (1 + 0.1147) / (7.99 - 0.1147)) = 1593.04
Company Value = ∑ (73.15 / (1 + 7.99) ^ 5) = 233.97
Price = (Terminal Value + Company Value) / Count shares = (1593.04 + 233.97) / 651540000 = 2804.15

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) = 0.2595
FCF Yield = 0.122
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 = 0.5813
Debt = 5.92
Market Cap = 2300
Weight Debt = Market Cap / (Market Cap + Debt) = 2300 / (2300 + 5.92) = 0.9974
Weight Cost Debt = 100% - 0.9974 = 0.0026
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 = 4.72
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 3 + 4.72 * 5.94 + 0 = 0.3104
WACC = (0.5813 / 5.92) * (100% - 0.9974) * (1 - 0.21) + 0.3104 + 0.9974 = 7.99
Terminal Value = Discount (0.2595 * (1 + 0.122) / (7.99 - 0.122)) = 4.7
Company Value = ∑ (0.2595 / (1 + 7.99) ^ 5) = 0.8196
Price = (Terminal Value + Company Value) / Count shares = (4.7 + 0.8196) / 651540000 = 8.47