NSE: HDFC - Housing Development Finance Corporation 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 = 142.6
CAGR EPS = 20.36%
Key Rate = 0.0458
Excess Key Rate = 2
Price = 142.6 * (1 + 20.36%) / (0.0458 * 2) = 1873.71

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) = 872.59
Ebitda Yield = 0.051
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 = 368.45
Debt = 5822.65
Market Cap = 5090
Weight Debt = Market Cap / (Market Cap + Debt) = 5090 / (5090 + 5822.65) = 0.4664
Weight Cost Debt = 100% - 0.4664 = 0.5336
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) = 2.6
β = -0.0267
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.6 + -0.0267 * 5.94 + 0 = 0.0244
WACC = (368.45 / 5822.65) * (100% - 0.4664) * (1 - 0.21) + 0.0244 + 0.4664 = 4.99
Terminal Value = Discount (872.59 * (1 + 0.051) / (4.99 - 0.051)) = 617075.61
Company Value = ∑ (872.59 / (1 + 4.99) ^ 5) = 3413.02
Price = (Terminal Value + Company Value) / Count shares = (617075.61 + 3413.02) / 1834560000 = 338222.04

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) = -503.09
FCF Yield = 0.0109
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 = 368.45
Debt = 5822.65
Market Cap = 5090
Weight Debt = Market Cap / (Market Cap + Debt) = 5090 / (5090 + 5822.65) = 0.4664
Weight Cost Debt = 100% - 0.4664 = 0.5336
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) = 2.6
β = -0.0267
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.6 + -0.0267 * 5.94 + 0 = 0.0244
WACC = (368.45 / 5822.65) * (100% - 0.4664) * (1 - 0.21) + 0.0244 + 0.4664 = 4.99
Terminal Value = Discount (-503.09 * (1 + 0.0109) / (4.99 - 0.0109)) = -10244.42
Company Value = ∑ (-503.09 / (1 + 4.99) ^ 5) = -2129.96
Price = (Terminal Value + Company Value) / Count shares = (-10244.42 + -2129.96) / 1834560000 = -6745.15