NSE: FIVESTAR - Five-Star Business Finance 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 = 28.39
CAGR EPS = -47.84%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 28.39 * (1 + -47.84%) / (0.0433 * 2) = 171.01

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) = 0.9978
Ebitda Yield = -0.389
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 = 0.3162
Debt = 63.16
Market Cap = 196.57
Weight Debt = Market Cap / (Market Cap + Debt) = 196.57 / (196.57 + 63.16) = 0.7568
Weight Cost Debt = 100% - 0.7568 = 0.2432
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) = 2.39
β = -1.03
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.39 + -1.03 * 5.94 + 0 = -0.0371
WACC = (0.3162 / 63.16) * (100% - 0.7568) * (1 - 0.21) + -0.0371 + 0.7568 = 0.3644
Terminal Value = Discount (0.9978 * (1 + -0.389) / (0.3644 - -0.389)) = 1.52
Company Value = ∑ (0.9978 / (1 + 0.3644) ^ 5) = 16.71
Price = (Terminal Value + Company Value) / Count shares = (1.52 + 16.71) / 294390000 = 61.95

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) = -1.12
FCF Yield = -0.4455
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 = 0.3162
Debt = 63.16
Market Cap = 196.57
Weight Debt = Market Cap / (Market Cap + Debt) = 196.57 / (196.57 + 63.16) = 0.7568
Weight Cost Debt = 100% - 0.7568 = 0.2432
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) = 2.39
β = -1.03
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.39 + -1.03 * 5.94 + 0 = -0.0371
WACC = (0.3162 / 63.16) * (100% - 0.7568) * (1 - 0.21) + -0.0371 + 0.7568 = 0.3644
Terminal Value = Discount (-1.12 * (1 + -0.4455) / (0.3644 - -0.4455)) = -1.36
Company Value = ∑ (-1.12 / (1 + 0.3644) ^ 5) = -25.12
Price = (Terminal Value + Company Value) / Count shares = (-1.36 + -25.12) / 294390000 = -89.96