NSE: RUSTOMJEE - Keystone Realtors 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 = 9.82
CAGR EPS = 50.54%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 9.82 * (1 + 50.54%) / (0.0433 * 2) = 170.71

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) = 2.19
Ebitda Yield = 0.026
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 = 0.4008
Debt = 11.01
Market Cap = 62.56
Weight Debt = Market Cap / (Market Cap + Debt) = 62.56 / (62.56 + 11.01) = 0.8503
Weight Cost Debt = 100% - 0.8503 = 0.1497
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) = 2.82
β = 3.25
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + 3.25 * 5.94 + 0 = 0.2211
WACC = (0.4008 / 11.01) * (100% - 0.8503) * (1 - 0.21) + 0.2211 + 0.8503 = 3.04
Terminal Value = Discount (2.19 * (1 + 0.026) / (3.04 - 0.026)) = 436.99
Company Value = ∑ (2.19 / (1 + 3.04) ^ 5) = 9.5
Price = (Terminal Value + Company Value) / Count shares = (436.99 + 9.5) / 114270000 = 3907.28

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) = 1.06
FCF Yield = -0.1001
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 = 0.4008
Debt = 11.01
Market Cap = 62.56
Weight Debt = Market Cap / (Market Cap + Debt) = 62.56 / (62.56 + 11.01) = 0.8503
Weight Cost Debt = 100% - 0.8503 = 0.1497
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) = 2.82
β = 3.25
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + 3.25 * 5.94 + 0 = 0.2211
WACC = (0.4008 / 11.01) * (100% - 0.8503) * (1 - 0.21) + 0.2211 + 0.8503 = 3.04
Terminal Value = Discount (1.06 * (1 + -0.1001) / (3.04 - -0.1001)) = 6.27
Company Value = ∑ (1.06 / (1 + 3.04) ^ 5) = 6.07
Price = (Terminal Value + Company Value) / Count shares = (6.27 + 6.07) / 114270000 = 107.94