NSE: GPPL - Gujarat Pipavav Port 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 = 7.07
CAGR EPS = 4.6%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 7.07 * (1 + 4.6%) / (0.0433 * 2) = 85.45

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 = 7.7
g = 0.0443
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 = 0.1733
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.39 + 0.1733 * 5.94 + 0 = 0.0342
Price = (7.7 * (1 + 0.0443)) / (0.0342 - 0.0443) = 793.92

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) = 6.76
Ebitda Yield = 0.0229
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 = 0.0932
Debt = 0.7921
Market Cap = 55.06
Weight Debt = Market Cap / (Market Cap + Debt) = 55.06 / (55.06 + 0.7921) = 0.9858
Weight Cost Debt = 100% - 0.9858 = 0.0142
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 = 0.1733
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.39 + 0.1733 * 5.94 + 0 = 0.0342
WACC = (0.0932 / 0.7921) * (100% - 0.9858) * (1 - 0.21) + 0.0342 + 0.9858 = 9.24
Terminal Value = Discount (6.76 * (1 + 0.0229) / (9.24 - 0.0229)) = 63.98
Company Value = ∑ (6.76 / (1 + 9.24) ^ 5) = 24.9
Price = (Terminal Value + Company Value) / Count shares = (63.98 + 24.9) / 483440000 = 183.86

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) = 5.06
FCF Yield = 0.0393
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 = 0.0932
Debt = 0.7921
Market Cap = 55.06
Weight Debt = Market Cap / (Market Cap + Debt) = 55.06 / (55.06 + 0.7921) = 0.9858
Weight Cost Debt = 100% - 0.9858 = 0.0142
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 = 0.1733
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.39 + 0.1733 * 5.94 + 0 = 0.0342
WACC = (0.0932 / 0.7921) * (100% - 0.9858) * (1 - 0.21) + 0.0342 + 0.9858 = 9.24
Terminal Value = Discount (5.06 * (1 + 0.0393) / (9.24 - 0.0393)) = 63.68
Company Value = ∑ (5.06 / (1 + 9.24) ^ 5) = 18.02
Price = (Terminal Value + Company Value) / Count shares = (63.68 + 18.02) / 483440000 = 169