NSE: PUNJABCHEM - Punjab Chemicals and Crop Protection 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 = 43.7
CAGR EPS = 37.88%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 43.7 * (1 + 37.88%) / (0.0433 * 2) = 695.67

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 = 3
g = 0.3227
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 = 4.02
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.75 + 4.02 * 5.94 + 0 = 0.266
Price = (3 * (1 + 0.3227)) / (0.266 - 0.3227) = 70.06

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) = 2.24
Ebitda Yield = 0.152
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 = 0.2084
Debt = 1.23
Market Cap = 10.67
Weight Debt = Market Cap / (Market Cap + Debt) = 10.67 / (10.67 + 1.23) = 0.8968
Weight Cost Debt = 100% - 0.8968 = 0.1032
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 = 4.02
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.75 + 4.02 * 5.94 + 0 = 0.266
WACC = (0.2084 / 1.23) * (100% - 0.8968) * (1 - 0.21) + 0.266 + 0.8968 = 13.52
Terminal Value = Discount (2.24 * (1 + 0.152) / (13.52 - 0.152)) = 81.63
Company Value = ∑ (2.24 / (1 + 13.52) ^ 5) = 5.78
Price = (Terminal Value + Company Value) / Count shares = (81.63 + 5.78) / 12260000 = 7129.57

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) = 0.000806
FCF Yield = -1.47
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 = 0.2084
Debt = 1.23
Market Cap = 10.67
Weight Debt = Market Cap / (Market Cap + Debt) = 10.67 / (10.67 + 1.23) = 0.8968
Weight Cost Debt = 100% - 0.8968 = 0.1032
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 = 4.02
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.75 + 4.02 * 5.94 + 0 = 0.266
WACC = (0.2084 / 1.23) * (100% - 0.8968) * (1 - 0.21) + 0.266 + 0.8968 = 13.52
Terminal Value = Discount (0.000806 * (1 + -1.47) / (13.52 - -1.47)) = -0.000126
Company Value = ∑ (0.000806 / (1 + 13.52) ^ 5) = 0.01
Price = (Terminal Value + Company Value) / Count shares = (-0.000126 + 0.01) / 12260000 = 0.8055