NSE: GODREJIND - Godrej Industries 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 = 1.78
CAGR EPS = -36.48%
Key Rate = 0.0458
Excess Key Rate = 2
Price = 1.78 * (1 + -36.48%) / (0.0458 * 2) = 12.34

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) = 11.12
Ebitda Yield = -0.0223
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 = 13.52
Debt = 288.68
Market Cap = 161.86
Weight Debt = Market Cap / (Market Cap + Debt) = 161.86 / (161.86 + 288.68) = 0.3593
Weight Cost Debt = 100% - 0.3593 = 0.6407
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 = 4.36
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.75 + 4.36 * 5.94 + 0 = 0.2862
WACC = (13.52 / 288.68) * (100% - 0.3593) * (1 - 0.21) + 0.2862 + 0.3593 = 3.79
Terminal Value = Discount (11.12 * (1 + -0.0223) / (3.79 - -0.0223)) = 150.04
Company Value = ∑ (11.12 / (1 + 3.79) ^ 5) = 52.21
Price = (Terminal Value + Company Value) / Count shares = (150.04 + 52.21) / 336740000 = 600.6

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) = 20684.68
FCF Yield = -4.1
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 = 13.52
Debt = 288.68
Market Cap = 161.86
Weight Debt = Market Cap / (Market Cap + Debt) = 161.86 / (161.86 + 288.68) = 0.3593
Weight Cost Debt = 100% - 0.3593 = 0.6407
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 = 4.36
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.75 + 4.36 * 5.94 + 0 = 0.2862
WACC = (13.52 / 288.68) * (100% - 0.3593) * (1 - 0.21) + 0.2862 + 0.3593 = 3.79
Terminal Value = Discount (20684.68 * (1 + -4.1) / (3.79 - -4.1)) = -12866.48
Company Value = ∑ (20684.68 / (1 + 3.79) ^ 5) = 12920.57
Price = (Terminal Value + Company Value) / Count shares = (-12866.48 + 12920.57) / 336740000 = 160.62