NSE: GRASIM - Grasim 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 = 85.15
CAGR EPS = 30.09%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 85.15 * (1 + 30.09%) / (0.0433 * 2) = 1279.09

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 = 10
g = 0.2197
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) = 2.89
β = 0.8089
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.89 + 0.8089 * 5.94 + 0 = 0.077
Price = (10 * (1 + 0.2197)) / (0.077 - 0.2197) = 85.45

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) = 528.04
Ebitda Yield = 0.1362
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 = 16.44
Debt = 1371.44
Market Cap = 1180
Weight Debt = Market Cap / (Market Cap + Debt) = 1180 / (1180 + 1371.44) = 0.4625
Weight Cost Debt = 100% - 0.4625 = 0.5375
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) = 2.89
β = 0.8089
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.89 + 0.8089 * 5.94 + 0 = 0.077
WACC = (16.44 / 1371.44) * (100% - 0.4625) * (1 - 0.21) + 0.077 + 0.4625 = 0.9779
Terminal Value = Discount (528.04 * (1 + 0.1362) / (0.9779 - 0.1362)) = 4520.02
Company Value = ∑ (528.04 / (1 + 0.9779) ^ 5) = 2014.02
Price = (Terminal Value + Company Value) / Count shares = (4520.02 + 2014.02) / 660570000 = 9891.52

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) = 81.67
FCF Yield = -1.77
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 = 16.44
Debt = 1371.44
Market Cap = 1180
Weight Debt = Market Cap / (Market Cap + Debt) = 1180 / (1180 + 1371.44) = 0.4625
Weight Cost Debt = 100% - 0.4625 = 0.5375
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) = 2.89
β = 0.8089
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.89 + 0.8089 * 5.94 + 0 = 0.077
WACC = (16.44 / 1371.44) * (100% - 0.4625) * (1 - 0.21) + 0.077 + 0.4625 = 0.9779
Terminal Value = Discount (81.67 * (1 + -1.77) / (0.9779 - -1.77)) = -33.65
Company Value = ∑ (81.67 / (1 + 0.9779) ^ 5) = 164.31
Price = (Terminal Value + Company Value) / Count shares = (-33.65 + 164.31) / 660570000 = 197.8