NSE: HDFCAMC - HDFC Asset Management Company 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 = 90.89
CAGR EPS = 8.95%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 90.89 * (1 + 8.95%) / (0.0433 * 2) = 1143.48

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 = 70
g = 0.1178
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) = 3
β = 1.59
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 3 + 1.59 * 5.94 + 0 = 0.1242
Price = (70 * (1 + 0.1178)) / (0.1242 - 0.1178) = 12216.62

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) = 34.76
Ebitda Yield = 0.0651
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 = 0.0909
Debt = 0.7668
Market Cap = 533.1
Weight Debt = Market Cap / (Market Cap + Debt) = 533.1 / (533.1 + 0.7668) = 0.9986
Weight Cost Debt = 100% - 0.9986 = 0.0014
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) = 3
β = 1.59
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 3 + 1.59 * 5.94 + 0 = 0.1242
WACC = (0.0909 / 0.7668) * (100% - 0.9986) * (1 - 0.21) + 0.1242 + 0.9986 = 9.4
Terminal Value = Discount (34.76 * (1 + 0.0651) / (9.4 - 0.0651)) = 817.63
Company Value = ∑ (34.76 / (1 + 9.4) ^ 5) = 117.12
Price = (Terminal Value + Company Value) / Count shares = (817.63 + 117.12) / 213740000 = 4373.29

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) = 19.35
FCF Yield = 0.0394
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 = 0.0909
Debt = 0.7668
Market Cap = 533.1
Weight Debt = Market Cap / (Market Cap + Debt) = 533.1 / (533.1 + 0.7668) = 0.9986
Weight Cost Debt = 100% - 0.9986 = 0.0014
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) = 3
β = 1.59
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 3 + 1.59 * 5.94 + 0 = 0.1242
WACC = (0.0909 / 0.7668) * (100% - 0.9986) * (1 - 0.21) + 0.1242 + 0.9986 = 9.4
Terminal Value = Discount (19.35 * (1 + 0.0394) / (9.4 - 0.0394)) = 235.18
Company Value = ∑ (19.35 / (1 + 9.4) ^ 5) = 68.6
Price = (Terminal Value + Company Value) / Count shares = (235.18 + 68.6) / 213740000 = 1421.26