NSE: ONGC - Oil and Natural Gas Corporation Limited

Price = Avg Price + (Avg Price * CAGR EPS% / 100)
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 = 39.13
CAGR EPS = 22.13%
Key Rate = 0.0458
Excess Key Rate = 2
Price = 237.85 + (237.85 * 22.13% / 100) = 290.49

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 = 12.25
g = 0.1373
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 = 1.38
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.75 + 1.38 * 5.94 + 0 = 0.1095
Price = (12.25 * (1 + 0.1373)) / (0.1095 - 0.1373) = 501.8

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 Ebitda(5) * (1 + Ebitda Yield) / (WACC - Ebitda Yield)
Company Value = ∑ (Discount Ebitda / (1 + WACC) ^ 5)
Discount Ebitda(5) = 1585.13
Ebitda Yield = 0.0785
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 = 101.94
Debt = 1276.75
Market Cap = 2200
Weight Debt = Market Cap / (Market Cap + Debt) = 2200 / (2200 + 1276.75) = 0.6328
Weight Cost Debt = 100% - 0.6328 = 0.3672
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 = 1.38
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.75 + 1.38 * 5.94 + 0 = 0.1095
WACC = (101.94 / 1276.75) * (100% - 0.6328) * (1 - 0.21) + 0.1095 + 0.6328 = 6.34
Terminal Value = Discount (1585.13 * (1 + 0.0785) / (6.34 - 0.0785)) = 83243.22
Company Value = ∑ (1585.13 / (1 + 6.34) ^ 5) = 5668.22
Price = (Terminal Value + Company Value) / Count shares = (83243.22 + 5668.22) / 12580280000 = 7067.52

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) = 1128.38
FCF Yield = 0.1877
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 = 101.94
Debt = 1276.75
Market Cap = 2200
Weight Debt = Market Cap / (Market Cap + Debt) = 2200 / (2200 + 1276.75) = 0.6328
Weight Cost Debt = 100% - 0.6328 = 0.3672
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 = 1.38
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.75 + 1.38 * 5.94 + 0 = 0.1095
WACC = (101.94 / 1276.75) * (100% - 0.6328) * (1 - 0.21) + 0.1095 + 0.6328 = 6.34
Terminal Value = Discount (1128.38 * (1 + 0.1877) / (6.34 - 0.1877)) = 7930.22
Company Value = ∑ (1128.38 / (1 + 6.34) ^ 5) = 3367.27
Price = (Terminal Value + Company Value) / Count shares = (7930.22 + 3367.27) / 12580280000 = 898.03