BSE: DMART - Avenue Supermarts 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 = 38.97
CAGR EPS = 13.69%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 38.97 * (1 + 13.69%) / (0.0433 * 2) = 511.65

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) = 72.53
Ebitda Yield = 0.14
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 = 0.5813
Debt = 6.43
Market Cap = 2300
Weight Debt = Market Cap / (Market Cap + Debt) = 2300 / (2300 + 6.43) = 0.9972
Weight Cost Debt = 100% - 0.9972 = 0.0028
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) = 3
β = 4.84
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 3 + 4.84 * 5.94 + 0 = 0.3177
WACC = (0.5813 / 6.43) * (100% - 0.9972) * (1 - 0.21) + 0.3177 + 0.9972 = 7.39
Terminal Value = Discount (72.53 * (1 + 0.14) / (7.39 - 0.14)) = 875
Company Value = ∑ (72.53 / (1 + 7.39) ^ 5) = 226.13
Price = (Terminal Value + Company Value) / Count shares = (875 + 226.13) / 650730000 = 1692.14

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) = 0.2595
FCF Yield = 0.122
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 = 0.5813
Debt = 6.43
Market Cap = 2300
Weight Debt = Market Cap / (Market Cap + Debt) = 2300 / (2300 + 6.43) = 0.9972
Weight Cost Debt = 100% - 0.9972 = 0.0028
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) = 3
β = 4.84
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 3 + 4.84 * 5.94 + 0 = 0.3177
WACC = (0.5813 / 6.43) * (100% - 0.9972) * (1 - 0.21) + 0.3177 + 0.9972 = 7.39
Terminal Value = Discount (0.2595 * (1 + 0.122) / (7.39 - 0.122)) = 4.23
Company Value = ∑ (0.2595 / (1 + 7.39) ^ 5) = 0.8337
Price = (Terminal Value + Company Value) / Count shares = (4.23 + 0.8337) / 650730000 = 7.79