NSE: PAGEIND - Page Industries 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 = 510.31
CAGR EPS = 10.65%
Key Rate = 0.0458
Excess Key Rate = 2
Price = 510.31 * (1 + 10.65%) / (0.0458 * 2) = 6164.2

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 = 595
g = 0.1376
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 = 0.1093
Price = (595 * (1 + 0.1376)) / (0.1093 - 0.1376) = 23987.22

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 Ebitda(5) * (1 + Ebitda Yield) / (WACC - Ebitda Yield)
Company Value = ∑ (Discount Ebitda / (1 + WACC) ^ 5)
Discount Ebitda(5) = 12.62
Ebitda Yield = 0.0767
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 = 0.4489
Debt = 1.85
Market Cap = 417.86
Weight Debt = Market Cap / (Market Cap + Debt) = 417.86 / (417.86 + 1.85) = 0.9956
Weight Cost Debt = 100% - 0.9956 = 0.0044
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 = 0.1093
WACC = (0.4489 / 1.85) * (100% - 0.9956) * (1 - 0.21) + 0.1093 + 0.9956 = 19.1
Terminal Value = Discount (12.62 * (1 + 0.0767) / (19.1 - 0.0767)) = 49.57
Company Value = ∑ (12.62 / (1 + 19.1) ^ 5) = 32.55
Price = (Terminal Value + Company Value) / Count shares = (49.57 + 32.55) / 11150000 = 7365.02

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) = 18.08
FCF Yield = 0.1346
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 = 0.4489
Debt = 1.85
Market Cap = 417.86
Weight Debt = Market Cap / (Market Cap + Debt) = 417.86 / (417.86 + 1.85) = 0.9956
Weight Cost Debt = 100% - 0.9956 = 0.0044
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 = 0.1093
WACC = (0.4489 / 1.85) * (100% - 0.9956) * (1 - 0.21) + 0.1093 + 0.9956 = 19.1
Terminal Value = Discount (18.08 * (1 + 0.1346) / (19.1 - 0.1346)) = 151.49
Company Value = ∑ (18.08 / (1 + 19.1) ^ 5) = 41.65
Price = (Terminal Value + Company Value) / Count shares = (151.49 + 41.65) / 11150000 = 17321.86