NSE: NUVOCO - Nuvoco Vistas Corporation 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 = 4.13
CAGR EPS = -10.81%
Key Rate = 0.0458
Excess Key Rate = 2
Price = 4.13 * (1 + -10.81%) / (0.0458 * 2) = 40.18

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) = 19.03
Ebitda Yield = 0.0319
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 = 5.33
Debt = 44.04
Market Cap = 126.43
Weight Debt = Market Cap / (Market Cap + Debt) = 126.43 / (126.43 + 44.04) = 0.7417
Weight Cost Debt = 100% - 0.7417 = 0.2583
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 = 0.4513
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.75 + 0.4513 * 5.94 + 0 = 0.0543
WACC = (5.33 / 44.04) * (100% - 0.7417) * (1 - 0.21) + 0.0543 + 0.7417 = 9.52
Terminal Value = Discount (19.03 * (1 + 0.0319) / (9.52 - 0.0319)) = 196.86
Company Value = ∑ (19.03 / (1 + 9.52) ^ 5) = 68.26
Price = (Terminal Value + Company Value) / Count shares = (196.86 + 68.26) / 357160000 = 742.31

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) = 19.33
FCF Yield = 0.1384
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 = 5.33
Debt = 44.04
Market Cap = 126.43
Weight Debt = Market Cap / (Market Cap + Debt) = 126.43 / (126.43 + 44.04) = 0.7417
Weight Cost Debt = 100% - 0.7417 = 0.2583
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 = 0.4513
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.75 + 0.4513 * 5.94 + 0 = 0.0543
WACC = (5.33 / 44.04) * (100% - 0.7417) * (1 - 0.21) + 0.0543 + 0.7417 = 9.52
Terminal Value = Discount (19.33 * (1 + 0.1384) / (9.52 - 0.1384)) = 323.5
Company Value = ∑ (19.33 / (1 + 9.52) ^ 5) = 56.86
Price = (Terminal Value + Company Value) / Count shares = (323.5 + 56.86) / 357160000 = 1064.96