BSE: ABCAPITAL - Aditya Birla Capital Limited

Price = Avg Price + (Avg Price * CAGR EPS% / 100)
EPS = Earning Per Share
CAGR EPS = CAGR 5 EPS
Key Rate — Nøkkelrente
Excess Key Rate — Ønsket overskridelse av styringsrenten
EPS = 12.83
CAGR EPS = 22.52%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 167.35 + (167.35 * 22.52% / 100) = 205.05

Price = (Terminal Value + Company Value) / Count shares
Price - Fair pris
Terminal Value — kostnad i perioden etter prognose
Company Value — kostnad i prognoseperioden
Count shares - Antall aksjer
Terminal Value = Discount Ebitda(5) * (1 + Ebitda Yield) / (WACC - Ebitda Yield)
Company Value = ∑ (Discount Ebitda / (1 + WACC) ^ 5)
Discount Ebitda(5) = 855.06
Ebitda Yield = 0.1573
WACC = (Interest Expense / Debt) * (Weight Cost Debt) * (1 - Tax) + Cost Of Equity * Weight Debt
Interest Expense - Gjeldsbetjeningskostnader
Debt - Plikt
Weight Debt - Kapitaliseringsvekt i forhold til gjeld
Weight Cost Debt - Gjeldsvekt i forhold til kapitalisering
Tax - Avgift
Interest Expense = 76.32
Debt = 1092.29
Market Cap = 489.64
Weight Debt = Market Cap / (Market Cap + Debt) = 489.64 / (489.64 + 1092.29) = 0.3095
Weight Cost Debt = 100% - 0.3095 = 0.6905
Tax = 0.21
Cost Of Equity — diskonteringsrente
Cost Of Equity = k(f) + β * Risk Premium + Country Premium (Damodaran table)
k(f) — risikofri avkastning
β (beta) — bestemmer risikomålet for en aksje (aktiva) i forhold til markedet og viser sensitiviteten til endringer i aksjens lønnsomhet i forhold til endringer i markedslønnsomheten.
Risk Premium — risikopremie - premie for risikoen ved å investere i aksjer
Country Premium - landrisiko
k(f) = 2.82
β = 3.24
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + 3.24 * 5.94 + 0 = 0.2209
WACC = (76.32 / 1092.29) * (100% - 0.3095) * (1 - 0.21) + 0.2209 + 0.3095 = 5.57
Terminal Value = Discount (855.06 * (1 + 0.1573) / (5.57 - 0.1573)) = 7430.13
Company Value = ∑ (855.06 / (1 + 5.57) ^ 5) = 2736.04
Price = (Terminal Value + Company Value) / Count shares = (7430.13 + 2736.04) / 2600020000 = 3910.04

Price = (Terminal Value + Company Value) / Count shares
Price - Fair pris
Terminal Value — kostnad i perioden etter prognose
Company Value — kostnad i prognoseperioden
Count shares - Antall aksjer
Terminal Value = Discount FCF(5) * (1 + FCF Yield) / (WACC - FCF Yield)
Company Value = ∑ (Discount FCF / (1 + WACC) ^ 5)
Discount FCF(5) = 188.69
FCF Yield = -1.95
WACC = (Interest Expense / Debt) * (Weight Cost Debt) * (1 - Tax) + Cost Of Equity * Weight Debt
Interest Expense - Gjeldsbetjeningskostnader
Debt - Plikt
Weight Debt - Kapitaliseringsvekt i forhold til gjeld
Weight Cost Debt - Gjeldsvekt i forhold til kapitalisering
Tax - Avgift
Interest Expense = 76.32
Debt = 1092.29
Market Cap = 489.64
Weight Debt = Market Cap / (Market Cap + Debt) = 489.64 / (489.64 + 1092.29) = 0.3095
Weight Cost Debt = 100% - 0.3095 = 0.6905
Tax = 0.21
Cost Of Equity — diskonteringsrente
Cost Of Equity = k(f) + β * Risk Premium + Country Premium (Damodaran table)
k(f) — risikofri avkastning
β (beta) — bestemmer risikomålet for en aksje (aktiva) i forhold til markedet og viser sensitiviteten til endringer i aksjens lønnsomhet i forhold til endringer i markedslønnsomheten.
Risk Premium — risikopremie - premie for risikoen ved å investere i aksjer
Country Premium - landrisiko
k(f) = 2.82
β = 3.24
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + 3.24 * 5.94 + 0 = 0.2209
WACC = (76.32 / 1092.29) * (100% - 0.3095) * (1 - 0.21) + 0.2209 + 0.3095 = 5.57
Terminal Value = Discount (188.69 * (1 + -1.95) / (5.57 - -1.95)) = -68.12
Company Value = ∑ (188.69 / (1 + 5.57) ^ 5) = 184.12
Price = (Terminal Value + Company Value) / Count shares = (-68.12 + 184.12) / 2600020000 = 44.61