BSE: BAJFINANCE - Bajaj Finance 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 = 233.83
CAGR EPS = 21.24%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 233.83 * (1 + 21.24%) / (0.0433 * 2) = 3273.79

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) = 642.67
Ebitda Yield = 0.1336
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 = 187.25
Debt = 1730
Market Cap = 4160
Weight Debt = Market Cap / (Market Cap + Debt) = 4160 / (4160 + 1730) = 0.7063
Weight Cost Debt = 100% - 0.7063 = 0.2937
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 = -1.69
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + -1.69 * 5.94 + 0 = -0.0722
WACC = (187.25 / 1730) * (100% - 0.7063) * (1 - 0.21) + -0.0722 + 0.7063 = 8.44
Terminal Value = Discount (642.67 * (1 + 0.1336) / (8.44 - 0.1336)) = 9867.3
Company Value = ∑ (642.67 / (1 + 8.44) ^ 5) = 1964.78
Price = (Terminal Value + Company Value) / Count shares = (9867.3 + 1964.78) / 618010000 = 19145.44

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) = -1790.13
FCF Yield = 0.1939
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 = 187.25
Debt = 1730
Market Cap = 4160
Weight Debt = Market Cap / (Market Cap + Debt) = 4160 / (4160 + 1730) = 0.7063
Weight Cost Debt = 100% - 0.7063 = 0.2937
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 = -1.69
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + -1.69 * 5.94 + 0 = -0.0722
WACC = (187.25 / 1730) * (100% - 0.7063) * (1 - 0.21) + -0.0722 + 0.7063 = 8.44
Terminal Value = Discount (-1790.13 * (1 + 0.1939) / (8.44 - 0.1939)) = -13015.88
Company Value = ∑ (-1790.13 / (1 + 8.44) ^ 5) = -4970.17
Price = (Terminal Value + Company Value) / Count shares = (-13015.88 + -4970.17) / 618010000 = -29103.17