BSE: DISHTV - Dish TV India 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 = -10.68
CAGR EPS = 3.71%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 12.11 + (12.11 * 3.71% / 100) = 12.56

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) = 2.23
Ebitda Yield = -1.75
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 = 2.64
Debt = 0.746
Market Cap = 27.51
Weight Debt = Market Cap / (Market Cap + Debt) = 27.51 / (27.51 + 0.746) = 0.9736
Weight Cost Debt = 100% - 0.9736 = 0.0264
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 = 6.46
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + 6.46 * 5.94 + 0 = 0.4118
WACC = (2.64 / 0.746) * (100% - 0.9736) * (1 - 0.21) + 0.4118 + 0.9736 = 277.47
Terminal Value = Discount (2.23 * (1 + -1.75) / (277.47 - -1.75)) = -0.00048
Company Value = ∑ (2.23 / (1 + 277.47) ^ 5) = 1.59
Price = (Terminal Value + Company Value) / Count shares = (-0.00048 + 1.59) / 1841260000 = 0.8617

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) = 0.1153
FCF Yield = -0.3291
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 = 2.64
Debt = 0.746
Market Cap = 27.51
Weight Debt = Market Cap / (Market Cap + Debt) = 27.51 / (27.51 + 0.746) = 0.9736
Weight Cost Debt = 100% - 0.9736 = 0.0264
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 = 6.46
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + 6.46 * 5.94 + 0 = 0.4118
WACC = (2.64 / 0.746) * (100% - 0.9736) * (1 - 0.21) + 0.4118 + 0.9736 = 277.47
Terminal Value = Discount (0.1153 * (1 + -0.3291) / (277.47 - -0.3291)) = 3.3E-5
Company Value = ∑ (0.1153 / (1 + 277.47) ^ 5) = 0.1833
Price = (Terminal Value + Company Value) / Count shares = (3.3E-5 + 0.1833) / 1841260000 = 0.0995