BSE: CHOLAFIN - Cholamandalam Investment and Finance Company 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 = 40.72
CAGR EPS = 25.92%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 40.72 * (1 + 25.92%) / (0.0433 * 2) = 592.05

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) = 202.99
Ebitda Yield = 0.1535
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 = 92.13
Debt = 974.92
Market Cap = 941.83
Weight Debt = Market Cap / (Market Cap + Debt) = 941.83 / (941.83 + 974.92) = 0.4914
Weight Cost Debt = 100% - 0.4914 = 0.5086
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 = -0.8471
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + -0.8471 * 5.94 + 0 = -0.0221
WACC = (92.13 / 974.92) * (100% - 0.4914) * (1 - 0.21) + -0.0221 + 0.4914 = 7.42
Terminal Value = Discount (202.99 * (1 + 0.1535) / (7.42 - 0.1535)) = 2063.4
Company Value = ∑ (202.99 / (1 + 7.42) ^ 5) = 618.53
Price = (Terminal Value + Company Value) / Count shares = (2063.4 + 618.53) / 839970000 = 3192.89

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) = -4000.75
FCF Yield = 0.612
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 = 92.13
Debt = 974.92
Market Cap = 941.83
Weight Debt = Market Cap / (Market Cap + Debt) = 941.83 / (941.83 + 974.92) = 0.4914
Weight Cost Debt = 100% - 0.4914 = 0.5086
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 = -0.8471
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + -0.8471 * 5.94 + 0 = -0.0221
WACC = (92.13 / 974.92) * (100% - 0.4914) * (1 - 0.21) + -0.0221 + 0.4914 = 7.42
Terminal Value = Discount (-4000.75 * (1 + 0.612) / (7.42 - 0.612)) = -8384.96
Company Value = ∑ (-4000.75 / (1 + 7.42) ^ 5) = -7283.13
Price = (Terminal Value + Company Value) / Count shares = (-8384.96 + -7283.13) / 839970000 = -18653.15