NSE: ZOMATO - Zomato 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 = 0.4
CAGR EPS = 16.31%
Key Rate = 0.0458
Excess Key Rate = 2
Price = 0.4 * (1 + 16.31%) / (0.0458 * 2) = 5.08

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) = 0.7425
Ebitda Yield = 0.1207
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 = 0.72
Debt = 7.49
Market Cap = 708.47
Weight Debt = Market Cap / (Market Cap + Debt) = 708.47 / (708.47 + 7.49) = 0.9895
Weight Cost Debt = 100% - 0.9895 = 0.0105
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) = 2.6
β = -3.8
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.6 + -3.8 * 5.94 + 0 = -0.2
WACC = (0.72 / 7.49) * (100% - 0.9895) * (1 - 0.21) + -0.2 + 0.9895 = 7.32
Terminal Value = Discount (0.7425 * (1 + 0.1207) / (7.32 - 0.1207)) = 12.31
Company Value = ∑ (0.7425 / (1 + 7.32) ^ 5) = 2.4
Price = (Terminal Value + Company Value) / Count shares = (12.31 + 2.4) / 8101160000 = 1.82

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) = 21.96
FCF Yield = 0.1596
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 = 0.72
Debt = 7.49
Market Cap = 708.47
Weight Debt = Market Cap / (Market Cap + Debt) = 708.47 / (708.47 + 7.49) = 0.9895
Weight Cost Debt = 100% - 0.9895 = 0.0105
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) = 2.6
β = -3.8
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.6 + -3.8 * 5.94 + 0 = -0.2
WACC = (0.72 / 7.49) * (100% - 0.9895) * (1 - 0.21) + -0.2 + 0.9895 = 7.32
Terminal Value = Discount (21.96 * (1 + 0.1596) / (7.32 - 0.1596)) = 206.93
Company Value = ∑ (21.96 / (1 + 7.32) ^ 5) = 66.44
Price = (Terminal Value + Company Value) / Count shares = (206.93 + 66.44) / 8101160000 = 33.74