NSE: IGL - Indraprastha Gas 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 = 28.36
CAGR EPS = 11.85%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 28.36 * (1 + 11.85%) / (0.0433 * 2) = 366.26

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 = 10.5
g = 0.15
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) = 2.89
β = 2.98
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.89 + 2.98 * 5.94 + 0 = 0.2059
Price = (10.5 * (1 + 0.15)) / (0.2059 - 0.15) = 216.23

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) = 45.7
Ebitda Yield = 0.0905
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 = 0.2755
Debt = 0.8117
Market Cap = 329.49
Weight Debt = Market Cap / (Market Cap + Debt) = 329.49 / (329.49 + 0.8117) = 0.9975
Weight Cost Debt = 100% - 0.9975 = 0.0024999999999999
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) = 2.89
β = 2.98
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.89 + 2.98 * 5.94 + 0 = 0.2059
WACC = (0.2755 / 0.8117) * (100% - 0.9975) * (1 - 0.21) + 0.2059 + 0.9975 = 26.75
Terminal Value = Discount (45.7 * (1 + 0.0905) / (26.75 - 0.0905)) = 86.06
Company Value = ∑ (45.7 / (1 + 26.75) ^ 5) = 96.5
Price = (Terminal Value + Company Value) / Count shares = (86.06 + 96.5) / 700000000 = 260.8

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) = 2.44
FCF Yield = -0.0424
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 = 0.2755
Debt = 0.8117
Market Cap = 329.49
Weight Debt = Market Cap / (Market Cap + Debt) = 329.49 / (329.49 + 0.8117) = 0.9975
Weight Cost Debt = 100% - 0.9975 = 0.0024999999999999
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) = 2.89
β = 2.98
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.89 + 2.98 * 5.94 + 0 = 0.2059
WACC = (0.2755 / 0.8117) * (100% - 0.9975) * (1 - 0.21) + 0.2059 + 0.9975 = 26.75
Terminal Value = Discount (2.44 * (1 + -0.0424) / (26.75 - -0.0424)) = 2.3
Company Value = ∑ (2.44 / (1 + 26.75) ^ 5) = 7.05
Price = (Terminal Value + Company Value) / Count shares = (2.3 + 7.05) / 700000000 = 13.36