NSE: TTML - Tata Teleservices (Maharashtra) 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 = -6.28
CAGR EPS = 8.66%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 76.51 + (76.51 * 8.66% / 100) = 83.14

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) = 10.56
Ebitda Yield = 0.1422
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 = 16.21
Debt = 200.47
Market Cap = 161.05
Weight Debt = Market Cap / (Market Cap + Debt) = 161.05 / (161.05 + 200.47) = 0.4455
Weight Cost Debt = 100% - 0.4455 = 0.5545
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 = 1.26
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 3 + 1.26 * 5.94 + 0 = 0.1046
WACC = (16.21 / 200.47) * (100% - 0.4455) * (1 - 0.21) + 0.1046 + 0.4455 = 6.41
Terminal Value = Discount (10.56 * (1 + 0.1422) / (6.41 - 0.1422)) = 113.19
Company Value = ∑ (10.56 / (1 + 6.41) ^ 5) = 33.75
Price = (Terminal Value + Company Value) / Count shares = (113.19 + 33.75) / 1954930000 = 75.16

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) = 11.76
FCF Yield = 0.1977
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 = 16.21
Debt = 200.47
Market Cap = 161.05
Weight Debt = Market Cap / (Market Cap + Debt) = 161.05 / (161.05 + 200.47) = 0.4455
Weight Cost Debt = 100% - 0.4455 = 0.5545
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 = 1.26
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 3 + 1.26 * 5.94 + 0 = 0.1046
WACC = (16.21 / 200.47) * (100% - 0.4455) * (1 - 0.21) + 0.1046 + 0.4455 = 6.41
Terminal Value = Discount (11.76 * (1 + 0.1977) / (6.41 - 0.1977)) = 77.3
Company Value = ∑ (11.76 / (1 + 6.41) ^ 5) = 34.51
Price = (Terminal Value + Company Value) / Count shares = (77.3 + 34.51) / 1954930000 = 57.19