NSE: ICICIBANK - ICICI Bank 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 = 62.05
CAGR EPS = 38.22%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 62.05 * (1 + 38.22%) / (0.0433 * 2) = 990.39

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 = -47.64
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) = 2.75
β = -0.7819
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.75 + -0.7819 * 5.94 + 0 = -0.0189
Price = (10 * (1 + -47.64)) / (-0.0189 - -47.64) = -9.79

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) = 15666.14
Ebitda Yield = 0.9055
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 = 741.08
Debt = 2009.99
Market Cap = 6650
Weight Debt = Market Cap / (Market Cap + Debt) = 6650 / (6650 + 2009.99) = 0.7679
Weight Cost Debt = 100% - 0.7679 = 0.2321
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) = 2.75
β = -0.7819
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.75 + -0.7819 * 5.94 + 0 = -0.0189
WACC = (741.08 / 2009.99) * (100% - 0.7679) * (1 - 0.21) + -0.0189 + 0.7679 = 28.89
Terminal Value = Discount (15666.14 * (1 + 0.9055) / (28.89 - 0.9055)) = 13611.43
Company Value = ∑ (15666.14 / (1 + 28.89) ^ 5) = 11683.93
Price = (Terminal Value + Company Value) / Count shares = (13611.43 + 11683.93) / 7104990000 = 3560.22

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) = 2669.18
FCF Yield = 0.1168
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 = 741.08
Debt = 2009.99
Market Cap = 6650
Weight Debt = Market Cap / (Market Cap + Debt) = 6650 / (6650 + 2009.99) = 0.7679
Weight Cost Debt = 100% - 0.7679 = 0.2321
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) = 2.75
β = -0.7819
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.75 + -0.7819 * 5.94 + 0 = -0.0189
WACC = (741.08 / 2009.99) * (100% - 0.7679) * (1 - 0.21) + -0.0189 + 0.7679 = 28.89
Terminal Value = Discount (2669.18 * (1 + 0.1168) / (28.89 - 0.1168)) = 4871.4
Company Value = ∑ (2669.18 / (1 + 28.89) ^ 5) = 5100.2
Price = (Terminal Value + Company Value) / Count shares = (4871.4 + 5100.2) / 7104990000 = 1403.46