NSE: MAXHEALTH - Max Healthcare Institute 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 = 10.84
CAGR EPS = 38.86%
Key Rate = 0.0458
Excess Key Rate = 2
Price = 10.84 * (1 + 38.86%) / (0.0458 * 2) = 164.37

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 = 1.5
g = 0.4954
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 = -3.23
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.75 + -3.23 * 5.94 + 0 = -0.1646
Price = (1.5 * (1 + 0.4954)) / (-0.1646 - 0.4954) = 3.4

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) = 59.6
Ebitda Yield = 0.2897
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 = 0.5989
Debt = 15.08
Market Cap = 593.44
Weight Debt = Market Cap / (Market Cap + Debt) = 593.44 / (593.44 + 15.08) = 0.9752
Weight Cost Debt = 100% - 0.9752 = 0.0248
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 = -3.23
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.75 + -3.23 * 5.94 + 0 = -0.1646
WACC = (0.5989 / 15.08) * (100% - 0.9752) * (1 - 0.21) + -0.1646 + 0.9752 = 2.95
Terminal Value = Discount (59.6 * (1 + 0.2897) / (2.95 - 0.2897)) = 255.44
Company Value = ∑ (59.6 / (1 + 2.95) ^ 5) = 172.67
Price = (Terminal Value + Company Value) / Count shares = (255.44 + 172.67) / 971710000 = 440.57

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) = 6.34
FCF Yield = 0.1306
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 = 0.5989
Debt = 15.08
Market Cap = 593.44
Weight Debt = Market Cap / (Market Cap + Debt) = 593.44 / (593.44 + 15.08) = 0.9752
Weight Cost Debt = 100% - 0.9752 = 0.0248
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 = -3.23
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.75 + -3.23 * 5.94 + 0 = -0.1646
WACC = (0.5989 / 15.08) * (100% - 0.9752) * (1 - 0.21) + -0.1646 + 0.9752 = 2.95
Terminal Value = Discount (6.34 * (1 + 0.1306) / (2.95 - 0.1306)) = 61.28
Company Value = ∑ (6.34 / (1 + 2.95) ^ 5) = 22.92
Price = (Terminal Value + Company Value) / Count shares = (61.28 + 22.92) / 971710000 = 86.64