NSE: RATEGAIN - RateGain Travel Technologies 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 = 12.84
CAGR EPS = 54.59%
Key Rate = 0.0458
Excess Key Rate = 2
Price = 12.84 * (1 + 54.59%) / (0.0458 * 2) = 216.7

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) = 18.8
Ebitda Yield = 0.582
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 = 0.0137
Debt = 0.1666
Market Cap = 43.75
Weight Debt = Market Cap / (Market Cap + Debt) = 43.75 / (43.75 + 0.1666) = 0.9962
Weight Cost Debt = 100% - 0.9962 = 0.0038
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 = -0.3754
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.75 + -0.3754 * 5.94 + 0 = 0.0052
WACC = (0.0137 / 0.1666) * (100% - 0.9962) * (1 - 0.21) + 0.0052 + 0.9962 = 6.42
Terminal Value = Discount (18.8 * (1 + 0.582) / (6.42 - 0.582)) = 42.08
Company Value = ∑ (18.8 / (1 + 6.42) ^ 5) = 36.29
Price = (Terminal Value + Company Value) / Count shares = (42.08 + 36.29) / 108780000 = 720.47

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) = 14.64
FCF Yield = 0.531
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 = 0.0137
Debt = 0.1666
Market Cap = 43.75
Weight Debt = Market Cap / (Market Cap + Debt) = 43.75 / (43.75 + 0.1666) = 0.9962
Weight Cost Debt = 100% - 0.9962 = 0.0038
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 = -0.3754
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.75 + -0.3754 * 5.94 + 0 = 0.0052
WACC = (0.0137 / 0.1666) * (100% - 0.9962) * (1 - 0.21) + 0.0052 + 0.9962 = 6.42
Terminal Value = Discount (14.64 * (1 + 0.531) / (6.42 - 0.531)) = 35.19
Company Value = ∑ (14.64 / (1 + 6.42) ^ 5) = 29.48
Price = (Terminal Value + Company Value) / Count shares = (35.19 + 29.48) / 108780000 = 594.46