NSE: POWERINDIA - Hitachi Energy India 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 = 38.64
CAGR EPS = 17.03%
Key Rate = 0.0458
Excess Key Rate = 2
Price = 38.64 * (1 + 17.03%) / (0.0458 * 2) = 493.74

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 = 4
g = 0.0493
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 = 3.01
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.75 + 3.01 * 5.94 + 0 = 0.2063
Price = (4 * (1 + 0.0493)) / (0.2063 - 0.0493) = 26.73

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) = 3.33
Ebitda Yield = -0.0174
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 = 0.4655
Debt = 2.14
Market Cap = 176.47
Weight Debt = Market Cap / (Market Cap + Debt) = 176.47 / (176.47 + 2.14) = 0.988
Weight Cost Debt = 100% - 0.988 = 0.012
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 = 3.01
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.75 + 3.01 * 5.94 + 0 = 0.2063
WACC = (0.4655 / 2.14) * (100% - 0.988) * (1 - 0.21) + 0.2063 + 0.988 = 17.24
Terminal Value = Discount (3.33 * (1 + -0.0174) / (17.24 - -0.0174)) = 7.77
Company Value = ∑ (3.33 / (1 + 17.24) ^ 5) = 11.02
Price = (Terminal Value + Company Value) / Count shares = (7.77 + 11.02) / 42380000 = 443.36

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) = 2.75
FCF Yield = 0.1758
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 = 0.4655
Debt = 2.14
Market Cap = 176.47
Weight Debt = Market Cap / (Market Cap + Debt) = 176.47 / (176.47 + 2.14) = 0.988
Weight Cost Debt = 100% - 0.988 = 0.012
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 = 3.01
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.75 + 3.01 * 5.94 + 0 = 0.2063
WACC = (0.4655 / 2.14) * (100% - 0.988) * (1 - 0.21) + 0.2063 + 0.988 = 17.24
Terminal Value = Discount (2.75 * (1 + 0.1758) / (17.24 - 0.1758)) = 439.58
Company Value = ∑ (2.75 / (1 + 17.24) ^ 5) = 6.17
Price = (Terminal Value + Company Value) / Count shares = (439.58 + 6.17) / 42380000 = 10517.82