NSE: WELSPUNIND - Welspun India 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 = 2.02
CAGR EPS = -0.6774%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 2.02 * (1 + -0.6774%) / (0.0433 * 2) = 23.17

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) = 7.38
Ebitda Yield = -0.0332
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 = 1.3
Debt = 24.62
Market Cap = 89.39
Weight Debt = Market Cap / (Market Cap + Debt) = 89.39 / (89.39 + 24.62) = 0.7841
Weight Cost Debt = 100% - 0.7841 = 0.2159
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 = 0.9869
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + 0.9869 * 5.94 + 0 = 0.0868
WACC = (1.3 / 24.62) * (100% - 0.7841) * (1 - 0.21) + 0.0868 + 0.7841 = 4.2
Terminal Value = Discount (7.38 * (1 + -0.0332) / (4.2 - -0.0332)) = 77.29
Company Value = ∑ (7.38 / (1 + 4.2) ^ 5) = 35.1
Price = (Terminal Value + Company Value) / Count shares = (77.29 + 35.1) / 984230000 = 114.19

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) = 10.49
FCF Yield = 0.1688
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 = 1.3
Debt = 24.62
Market Cap = 89.39
Weight Debt = Market Cap / (Market Cap + Debt) = 89.39 / (89.39 + 24.62) = 0.7841
Weight Cost Debt = 100% - 0.7841 = 0.2159
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 = 0.9869
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + 0.9869 * 5.94 + 0 = 0.0868
WACC = (1.3 / 24.62) * (100% - 0.7841) * (1 - 0.21) + 0.0868 + 0.7841 = 4.2
Terminal Value = Discount (10.49 * (1 + 0.1688) / (4.2 - 0.1688)) = 78.71
Company Value = ∑ (10.49 / (1 + 4.2) ^ 5) = 34.38
Price = (Terminal Value + Company Value) / Count shares = (78.71 + 34.38) / 984230000 = 114.9