NSE: IDFCFIRSTB - IDFC First 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 = 4.23
CAGR EPS = 22.02%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 4.23 * (1 + 22.02%) / (0.0433 * 2) = 59.54

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) = 127.56
Ebitda Yield = 0.2323
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 = 138.7
Debt = 509.36
Market Cap = 550.47
Weight Debt = Market Cap / (Market Cap + Debt) = 550.47 / (550.47 + 509.36) = 0.5194
Weight Cost Debt = 100% - 0.5194 = 0.4806
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 = 2.18
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.75 + 2.18 * 5.94 + 0 = 0.1572
WACC = (138.7 / 509.36) * (100% - 0.5194) * (1 - 0.21) + 0.1572 + 0.5194 = 21.48
Terminal Value = Discount (127.56 * (1 + 0.2323) / (21.48 - 0.2323)) = 3390
Company Value = ∑ (127.56 / (1 + 21.48) ^ 5) = 234.3
Price = (Terminal Value + Company Value) / Count shares = (3390 + 234.3) / 6338900000 = 571.75

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) = 98.84
FCF Yield = -0.0057
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 = 138.7
Debt = 509.36
Market Cap = 550.47
Weight Debt = Market Cap / (Market Cap + Debt) = 550.47 / (550.47 + 509.36) = 0.5194
Weight Cost Debt = 100% - 0.5194 = 0.4806
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 = 2.18
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.75 + 2.18 * 5.94 + 0 = 0.1572
WACC = (138.7 / 509.36) * (100% - 0.5194) * (1 - 0.21) + 0.1572 + 0.5194 = 21.48
Terminal Value = Discount (98.84 * (1 + -0.0057) / (21.48 - -0.0057)) = 168.45
Company Value = ∑ (98.84 / (1 + 21.48) ^ 5) = 290.12
Price = (Terminal Value + Company Value) / Count shares = (168.45 + 290.12) / 6338900000 = 72.34