BSE: BAJAJHLDNG - Bajaj Holdings & Investment 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 = 652.98
CAGR EPS = 19.42%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 652.98 * (1 + 19.42%) / (0.0433 * 2) = 9004.53

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) = 934.29
Ebitda Yield = 0.6489
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 = 0.0216
Debt = 0.9279
Market Cap = 826.34
Weight Debt = Market Cap / (Market Cap + Debt) = 826.34 / (826.34 + 0.9279) = 0.9989
Weight Cost Debt = 100% - 0.9989 = 0.0011
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) = 2.89
β = -0.0746
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.89 + -0.0746 * 5.94 + 0 = 0.0245
WACC = (0.0216 / 0.9279) * (100% - 0.9989) * (1 - 0.21) + 0.0245 + 0.9989 = 1.85
Terminal Value = Discount (934.29 * (1 + 0.6489) / (1.85 - 0.6489)) = 2230.14
Company Value = ∑ (934.29 / (1 + 1.85) ^ 5) = 2029.66
Price = (Terminal Value + Company Value) / Count shares = (2230.14 + 2029.66) / 111290000 = 38276.58

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) = 19.61
FCF Yield = 0.0021
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 = 0.0216
Debt = 0.9279
Market Cap = 826.34
Weight Debt = Market Cap / (Market Cap + Debt) = 826.34 / (826.34 + 0.9279) = 0.9989
Weight Cost Debt = 100% - 0.9989 = 0.0011
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) = 2.89
β = -0.0746
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.89 + -0.0746 * 5.94 + 0 = 0.0245
WACC = (0.0216 / 0.9279) * (100% - 0.9989) * (1 - 0.21) + 0.0245 + 0.9989 = 1.85
Terminal Value = Discount (19.61 * (1 + 0.0021) / (1.85 - 0.0021)) = 1093.43
Company Value = ∑ (19.61 / (1 + 1.85) ^ 5) = 92.45
Price = (Terminal Value + Company Value) / Count shares = (1093.43 + 92.45) / 111290000 = 10655.8