NSE: SUMMITSEC - Summit Securities 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 = 69.47
CAGR EPS = 1%
Key Rate = 0.0458
Excess Key Rate = 2
Price = 69.47 * (1 + 1%) / (0.0458 * 2) = 766.01

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) = 1.29
Ebitda Yield = 0.0564
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 = 0.000966
Debt = 0.0048
Market Cap = 7.64
Weight Debt = Market Cap / (Market Cap + Debt) = 7.64 / (7.64 + 0.0048) = 0.9994
Weight Cost Debt = 100% - 0.9994 = 0.00060000000000004
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 = -4.42
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.75 + -4.42 * 5.94 + 0 = -0.2349
WACC = (0.000966 / 0.0048) * (100% - 0.9994) * (1 - 0.21) + -0.2349 + 0.9994 = 15.55
Terminal Value = Discount (1.29 * (1 + 0.0564) / (15.55 - 0.0564)) = 6.7
Company Value = ∑ (1.29 / (1 + 15.55) ^ 5) = 3.79
Price = (Terminal Value + Company Value) / Count shares = (6.7 + 3.79) / 10900000 = 962.21

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) = 0.1942
FCF Yield = -0.1167
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 = 0.000966
Debt = 0.0048
Market Cap = 7.64
Weight Debt = Market Cap / (Market Cap + Debt) = 7.64 / (7.64 + 0.0048) = 0.9994
Weight Cost Debt = 100% - 0.9994 = 0.00060000000000004
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 = -4.42
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.75 + -4.42 * 5.94 + 0 = -0.2349
WACC = (0.000966 / 0.0048) * (100% - 0.9994) * (1 - 0.21) + -0.2349 + 0.9994 = 15.55
Terminal Value = Discount (0.1942 * (1 + -0.1167) / (15.55 - -0.1167)) = 0.3059
Company Value = ∑ (0.1942 / (1 + 15.55) ^ 5) = 0.8661
Price = (Terminal Value + Company Value) / Count shares = (0.3059 + 0.8661) / 10900000 = 107.52