NSE: MFSL - Max Financial Services 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 = 9.85
CAGR EPS = -0.6275%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 9.85 * (1 + -0.6275%) / (0.0433 * 2) = 113.08

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) = 18.04
Ebitda Yield = 0.1788
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 = 0.9313
Debt = 8.44
Market Cap = 277.8
Weight Debt = Market Cap / (Market Cap + Debt) = 277.8 / (277.8 + 8.44) = 0.9705
Weight Cost Debt = 100% - 0.9705 = 0.0295
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) = 2.82
β = 2.08
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + 2.08 * 5.94 + 0 = 0.1515
WACC = (0.9313 / 8.44) * (100% - 0.9705) * (1 - 0.21) + 0.1515 + 0.9705 = 8.78
Terminal Value = Discount (18.04 * (1 + 0.1788) / (8.78 - 0.1788)) = 153.53
Company Value = ∑ (18.04 / (1 + 8.78) ^ 5) = 50.77
Price = (Terminal Value + Company Value) / Count shares = (153.53 + 50.77) / 345110000 = 591.98

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) = 40.8
FCF Yield = -0.0706
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 = 0.9313
Debt = 8.44
Market Cap = 277.8
Weight Debt = Market Cap / (Market Cap + Debt) = 277.8 / (277.8 + 8.44) = 0.9705
Weight Cost Debt = 100% - 0.9705 = 0.0295
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) = 2.82
β = 2.08
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + 2.08 * 5.94 + 0 = 0.1515
WACC = (0.9313 / 8.44) * (100% - 0.9705) * (1 - 0.21) + 0.1515 + 0.9705 = 8.78
Terminal Value = Discount (40.8 * (1 + -0.0706) / (8.78 - -0.0706)) = 157.13
Company Value = ∑ (40.8 / (1 + 8.78) ^ 5) = 188.05
Price = (Terminal Value + Company Value) / Count shares = (157.13 + 188.05) / 345110000 = 1000.22