NSE: NTPC - NTPC 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 = 21.46
CAGR EPS = 11.78%
Key Rate = 0.0458
Excess Key Rate = 2
Price = 21.46 * (1 + 11.78%) / (0.0458 * 2) = 261.87

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 = 8.75
g = 0.1294
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) = 2.6
β = -0.1309
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.6 + -0.1309 * 5.94 + 0 = 0.0182
Price = (8.75 * (1 + 0.1294)) / (0.0182 - 0.1294) = 88.92

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) = 820.13
Ebitda Yield = 0.0816
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 = 120.48
Debt = 2352.93
Market Cap = 2090
Weight Debt = Market Cap / (Market Cap + Debt) = 2090 / (2090 + 2352.93) = 0.4704
Weight Cost Debt = 100% - 0.4704 = 0.5296
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) = 2.6
β = -0.1309
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.6 + -0.1309 * 5.94 + 0 = 0.0182
WACC = (120.48 / 2352.93) * (100% - 0.4704) * (1 - 0.21) + 0.0182 + 0.4704 = 4.03
Terminal Value = Discount (820.13 * (1 + 0.0816) / (4.03 - 0.0816)) = 17625.78
Company Value = ∑ (820.13 / (1 + 4.03) ^ 5) = 3117.48
Price = (Terminal Value + Company Value) / Count shares = (17625.78 + 3117.48) / 9696670000 = 2139.22

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) = 143.4
FCF Yield = 0.0754
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 = 120.48
Debt = 2352.93
Market Cap = 2090
Weight Debt = Market Cap / (Market Cap + Debt) = 2090 / (2090 + 2352.93) = 0.4704
Weight Cost Debt = 100% - 0.4704 = 0.5296
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) = 2.6
β = -0.1309
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.6 + -0.1309 * 5.94 + 0 = 0.0182
WACC = (120.48 / 2352.93) * (100% - 0.4704) * (1 - 0.21) + 0.0182 + 0.4704 = 4.03
Terminal Value = Discount (143.4 * (1 + 0.0754) / (4.03 - 0.0754)) = 3606.47
Company Value = ∑ (143.4 / (1 + 4.03) ^ 5) = 551.19
Price = (Terminal Value + Company Value) / Count shares = (3606.47 + 551.19) / 9696670000 = 428.77