BSE: ADANITRANS - Adani Transmission Limited

Price = EPS * (1 + CAGR EPS) / (Key Rate * Excess Key Rate)
EPS = Earning Per Share
CAGR EPS = CAGR 5 EPS
Key Rate — Nøkkelrente
Excess Key Rate — Ønsket overskridelse av styringsrenten
EPS = 11.26
CAGR EPS = 17.26%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 11.26 * (1 + 17.26%) / (0.0433 * 2) = 152.46

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) = 111.76
Ebitda Yield = 0.1287
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 = 27.81
Debt = 342.7
Market Cap = 931.21
Weight Debt = Market Cap / (Market Cap + Debt) = 931.21 / (931.21 + 342.7) = 0.731
Weight Cost Debt = 100% - 0.731 = 0.269
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 = -0.244
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + -0.244 * 5.94 + 0 = 0.0137
WACC = (27.81 / 342.7) * (100% - 0.731) * (1 - 0.21) + 0.0137 + 0.731 = 6.37
Terminal Value = Discount (111.76 * (1 + 0.1287) / (6.37 - 0.1287)) = 1425.92
Company Value = ∑ (111.76 / (1 + 6.37) ^ 5) = 365.69
Price = (Terminal Value + Company Value) / Count shares = (1425.92 + 365.69) / 1115490000 = 1606.12

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) = 0.4135
FCF Yield = -1.54
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 = 27.81
Debt = 342.7
Market Cap = 931.21
Weight Debt = Market Cap / (Market Cap + Debt) = 931.21 / (931.21 + 342.7) = 0.731
Weight Cost Debt = 100% - 0.731 = 0.269
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 = -0.244
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + -0.244 * 5.94 + 0 = 0.0137
WACC = (27.81 / 342.7) * (100% - 0.731) * (1 - 0.21) + 0.0137 + 0.731 = 6.37
Terminal Value = Discount (0.4135 * (1 + -1.54) / (6.37 - -1.54)) = -0.1018
Company Value = ∑ (0.4135 / (1 + 6.37) ^ 5) = 3.21
Price = (Terminal Value + Company Value) / Count shares = (-0.1018 + 3.21) / 1115490000 = 2.78