NSE: ZEEL - Zee Entertainment Enterprises 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 = 1.47
CAGR EPS = -23.14%
Key Rate = 0.0458
Excess Key Rate = 2
Price = 1.47 * (1 + -23.14%) / (0.0458 * 2) = 12.33

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) = 5.37
Ebitda Yield = -0.0997
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 = 0.7207
Debt = 0.7141
Market Cap = 213
Weight Debt = Market Cap / (Market Cap + Debt) = 213 / (213 + 0.7141) = 0.9967
Weight Cost Debt = 100% - 0.9967 = 0.0033
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 = -1.31
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.75 + -1.31 * 5.94 + 0 = -0.0505
WACC = (0.7207 / 0.7141) * (100% - 0.9967) * (1 - 0.21) + -0.0505 + 0.9967 = 78.89
Terminal Value = Discount (5.37 * (1 + -0.0997) / (78.89 - -0.0997)) = 0.2968
Company Value = ∑ (5.37 / (1 + 78.89) ^ 5) = 8.89
Price = (Terminal Value + Company Value) / Count shares = (0.2968 + 8.89) / 955800000 = 9.62

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) = 32.59
FCF Yield = 0.4207
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 = 0.7207
Debt = 0.7141
Market Cap = 213
Weight Debt = Market Cap / (Market Cap + Debt) = 213 / (213 + 0.7141) = 0.9967
Weight Cost Debt = 100% - 0.9967 = 0.0033
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 = -1.31
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.75 + -1.31 * 5.94 + 0 = -0.0505
WACC = (0.7207 / 0.7141) * (100% - 0.9967) * (1 - 0.21) + -0.0505 + 0.9967 = 78.89
Terminal Value = Discount (32.59 * (1 + 0.4207) / (78.89 - 0.4207)) = 6.87
Company Value = ∑ (32.59 / (1 + 78.89) ^ 5) = 14.87
Price = (Terminal Value + Company Value) / Count shares = (6.87 + 14.87) / 955800000 = 22.74