NSE: POLICYBZR - PB Fintech 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 = 1.45
CAGR EPS = 17.23%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 1.45 * (1 + 17.23%) / (0.0433 * 2) = 19.63

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) = 4.28
Ebitda Yield = 0.171
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 = 0.2672
Debt = 2.53
Market Cap = 323.59
Weight Debt = Market Cap / (Market Cap + Debt) = 323.59 / (323.59 + 2.53) = 0.9922
Weight Cost Debt = 100% - 0.9922 = 0.0078
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) = 2.89
β = 0.4181
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.89 + 0.4181 * 5.94 + 0 = 0.0537
WACC = (0.2672 / 2.53) * (100% - 0.9922) * (1 - 0.21) + 0.0537 + 0.9922 = 8.3
Terminal Value = Discount (4.28 * (1 + 0.171) / (8.3 - 0.171)) = 38.26
Company Value = ∑ (4.28 / (1 + 8.3) ^ 5) = 12.37
Price = (Terminal Value + Company Value) / Count shares = (38.26 + 12.37) / 461860000 = 109.63

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) = 2.23
FCF Yield = 0.144
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 = 0.2672
Debt = 2.53
Market Cap = 323.59
Weight Debt = Market Cap / (Market Cap + Debt) = 323.59 / (323.59 + 2.53) = 0.9922
Weight Cost Debt = 100% - 0.9922 = 0.0078
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) = 2.89
β = 0.4181
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.89 + 0.4181 * 5.94 + 0 = 0.0537
WACC = (0.2672 / 2.53) * (100% - 0.9922) * (1 - 0.21) + 0.0537 + 0.9922 = 8.3
Terminal Value = Discount (2.23 * (1 + 0.144) / (8.3 - 0.144)) = 28.11
Company Value = ∑ (2.23 / (1 + 8.3) ^ 5) = 6.73
Price = (Terminal Value + Company Value) / Count shares = (28.11 + 6.73) / 461860000 = 75.42