NSE: GODREJPROP - Godrej Properties 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 = 26.08
CAGR EPS = 19.48%
Key Rate = 0.0458
Excess Key Rate = 2
Price = 26.08 * (1 + 19.48%) / (0.0458 * 2) = 340.19

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) = 19.29
Ebitda Yield = 0.1054
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 = 1.52
Debt = 106.69
Market Cap = 458.3
Weight Debt = Market Cap / (Market Cap + Debt) = 458.3 / (458.3 + 106.69) = 0.8112
Weight Cost Debt = 100% - 0.8112 = 0.1888
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 = 1.32
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.75 + 1.32 * 5.94 + 0 = 0.1059
WACC = (1.52 / 106.69) * (100% - 0.8112) * (1 - 0.21) + 0.1059 + 0.8112 = 1.2
Terminal Value = Discount (19.29 * (1 + 0.1054) / (1.2 - 0.1054)) = 215.18
Company Value = ∑ (19.29 / (1 + 1.2) ^ 5) = 76.75
Price = (Terminal Value + Company Value) / Count shares = (215.18 + 76.75) / 278010000 = 1050.06

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) = -97.42
FCF Yield = 0.3737
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 = 1.52
Debt = 106.69
Market Cap = 458.3
Weight Debt = Market Cap / (Market Cap + Debt) = 458.3 / (458.3 + 106.69) = 0.8112
Weight Cost Debt = 100% - 0.8112 = 0.1888
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 = 1.32
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.75 + 1.32 * 5.94 + 0 = 0.1059
WACC = (1.52 / 106.69) * (100% - 0.8112) * (1 - 0.21) + 0.1059 + 0.8112 = 1.2
Terminal Value = Discount (-97.42 * (1 + 0.3737) / (1.2 - 0.3737)) = -348.56
Company Value = ∑ (-97.42 / (1 + 1.2) ^ 5) = -272.9
Price = (Terminal Value + Company Value) / Count shares = (-348.56 + -272.9) / 278010000 = -2235.41