NSE: SPANDANA - Spandana Sphoorty Financial Limited

Price = Avg Price + (Avg Price * CAGR EPS% / 100)
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 = 69.38
CAGR EPS = 4.48%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 769.9 + (769.9 * 4.48% / 100) = 804.36

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 Ebitda(5) * (1 + Ebitda Yield) / (WACC - Ebitda Yield)
Company Value = ∑ (Discount Ebitda / (1 + WACC) ^ 5)
Discount Ebitda(5) = 5.61
Ebitda Yield = -0.0413
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 = 0.0131
Debt = 94.25
Market Cap = 47.16
Weight Debt = Market Cap / (Market Cap + Debt) = 47.16 / (47.16 + 94.25) = 0.3335
Weight Cost Debt = 100% - 0.3335 = 0.6665
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) = 3
β = 6.03
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 3 + 6.03 * 5.94 + 0 = 0.3884
WACC = (0.0131 / 94.25) * (100% - 0.3335) * (1 - 0.21) + 0.3884 + 0.3335 = 0.1405
Terminal Value = Discount (5.61 * (1 + -0.0413) / (0.1405 - -0.0413)) = 124.98
Company Value = ∑ (5.61 / (1 + 0.1405) ^ 5) = 30.43
Price = (Terminal Value + Company Value) / Count shares = (124.98 + 30.43) / 72160000 = 2153.69

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) = -1024.87
FCF Yield = 1.06
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 = 0.0131
Debt = 94.25
Market Cap = 47.16
Weight Debt = Market Cap / (Market Cap + Debt) = 47.16 / (47.16 + 94.25) = 0.3335
Weight Cost Debt = 100% - 0.3335 = 0.6665
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) = 3
β = 6.03
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 3 + 6.03 * 5.94 + 0 = 0.3884
WACC = (0.0131 / 94.25) * (100% - 0.3335) * (1 - 0.21) + 0.3884 + 0.3335 = 0.1405
Terminal Value = Discount (-1024.87 * (1 + 1.06) / (0.1405 - 1.06)) = -1976.32
Company Value = ∑ (-1024.87 / (1 + 0.1405) ^ 5) = -1923.26
Price = (Terminal Value + Company Value) / Count shares = (-1976.32 + -1923.26) / 72160000 = -54040.81