NSE: HAL - Hindustan Aeronautics 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 = 113.96
CAGR EPS = 10.9%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 113.96 * (1 + 10.9%) / (0.0433 * 2) = 1459.37

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 = 38
g = 0.225
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) = 2.82
β = 3.81
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + 3.81 * 5.94 + 0 = 0.2543
Price = (38 * (1 + 0.225)) / (0.2543 - 0.225) = 1586.09

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) = 220.33
Ebitda Yield = 0.1366
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 = 0.3211
Debt = 0.011
Market Cap = 1270
Weight Debt = Market Cap / (Market Cap + Debt) = 1270 / (1270 + 0.011) = 1
Weight Cost Debt = 100% - 1 = 0
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) = 2.82
β = 3.81
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + 3.81 * 5.94 + 0 = 0.2543
WACC = (0.3211 / 0.011) * (100% - 1) * (1 - 0.21) + 0.2543 + 1 = 2283.28
Terminal Value = Discount (220.33 * (1 + 0.1366) / (2283.28 - 0.1366)) = 0
Company Value = ∑ (220.33 / (1 + 2283.28) ^ 5) = 5.82
Price = (Terminal Value + Company Value) / Count shares = (0 + 5.82) / 668780000 = 8.7

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) = 1047.9
FCF Yield = 0.7455
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 = 0.3211
Debt = 0.011
Market Cap = 1270
Weight Debt = Market Cap / (Market Cap + Debt) = 1270 / (1270 + 0.011) = 1
Weight Cost Debt = 100% - 1 = 0
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) = 2.82
β = 3.81
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + 3.81 * 5.94 + 0 = 0.2543
WACC = (0.3211 / 0.011) * (100% - 1) * (1 - 0.21) + 0.2543 + 1 = 2283.28
Terminal Value = Discount (1047.9 * (1 + 0.7455) / (2283.28 - 0.7455)) = 1.1E-5
Company Value = ∑ (1047.9 / (1 + 2283.28) ^ 5) = 5.11
Price = (Terminal Value + Company Value) / Count shares = (1.1E-5 + 5.11) / 668780000 = 7.64