BSE: DEN - DEN Networks 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 = 4.5
CAGR EPS = 25.41%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 41.79 + (41.79 * 25.41% / 100) = 52.4

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) = 1.97
Ebitda Yield = -0.0568
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 = 0.0257
Debt = 0.276
Market Cap = 16.87
Weight Debt = Market Cap / (Market Cap + Debt) = 16.87 / (16.87 + 0.276) = 0.9839
Weight Cost Debt = 100% - 0.9839 = 0.0161
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 = 4.84
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + 4.84 * 5.94 + 0 = 0.3154
WACC = (0.0257 / 0.276) * (100% - 0.9839) * (1 - 0.21) + 0.3154 + 0.9839 = 7.61
Terminal Value = Discount (1.97 * (1 + -0.0568) / (7.61 - -0.0568)) = 9.7
Company Value = ∑ (1.97 / (1 + 7.61) ^ 5) = 9.04
Price = (Terminal Value + Company Value) / Count shares = (9.7 + 9.04) / 477220000 = 39.27

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) = 0.0734
FCF Yield = -0.2462
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 = 0.0257
Debt = 0.276
Market Cap = 16.87
Weight Debt = Market Cap / (Market Cap + Debt) = 16.87 / (16.87 + 0.276) = 0.9839
Weight Cost Debt = 100% - 0.9839 = 0.0161
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 = 4.84
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + 4.84 * 5.94 + 0 = 0.3154
WACC = (0.0257 / 0.276) * (100% - 0.9839) * (1 - 0.21) + 0.3154 + 0.9839 = 7.61
Terminal Value = Discount (0.0734 * (1 + -0.2462) / (7.61 - -0.2462)) = 0.119
Company Value = ∑ (0.0734 / (1 + 7.61) ^ 5) = 0.5863
Price = (Terminal Value + Company Value) / Count shares = (0.119 + 0.5863) / 477220000 = 1.48