NSE: PAYTM - One97 Communications 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 = -22.33
CAGR EPS = 8.66%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 798.9 + (798.9 * 8.66% / 100) = 868.08

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) = -1.91
Ebitda Yield = -0.2024
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 = 0.243
Debt = 1.77
Market Cap = 508.53
Weight Debt = Market Cap / (Market Cap + Debt) = 508.53 / (508.53 + 1.77) = 0.9965
Weight Cost Debt = 100% - 0.9965 = 0.0034999999999999
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 = -9.99
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.75 + -9.99 * 5.94 + 0 = -0.5662
WACC = (0.243 / 1.77) * (100% - 0.9965) * (1 - 0.21) + -0.5662 + 0.9965 = 10.2
Terminal Value = Discount (-1.91 * (1 + -0.2024) / (10.2 - -0.2024)) = -3.09
Company Value = ∑ (-1.91 / (1 + 10.2) ^ 5) = -12.45
Price = (Terminal Value + Company Value) / Count shares = (-3.09 + -12.45) / 645790000 = -24.05

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) = -0.2228
FCF Yield = -0.3347
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 = 0.243
Debt = 1.77
Market Cap = 508.53
Weight Debt = Market Cap / (Market Cap + Debt) = 508.53 / (508.53 + 1.77) = 0.9965
Weight Cost Debt = 100% - 0.9965 = 0.0034999999999999
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 = -9.99
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.75 + -9.99 * 5.94 + 0 = -0.5662
WACC = (0.243 / 1.77) * (100% - 0.9965) * (1 - 0.21) + -0.5662 + 0.9965 = 10.2
Terminal Value = Discount (-0.2228 * (1 + -0.3347) / (10.2 - -0.3347)) = -0.2089
Company Value = ∑ (-0.2228 / (1 + 10.2) ^ 5) = -2.39
Price = (Terminal Value + Company Value) / Count shares = (-0.2089 + -2.39) / 645790000 = -4.03