BSE: FORBESCO - Forbes & Company 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 = -3.46
CAGR EPS = 8.66%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 345.7 + (345.7 * 8.66% / 100) = 375.64

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) = 3.75
Ebitda Yield = 0.0721
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 = 0.0156
Debt = 0.0406
Market Cap = 7.65
Weight Debt = Market Cap / (Market Cap + Debt) = 7.65 / (7.65 + 0.0406) = 0.9947
Weight Cost Debt = 100% - 0.9947 = 0.0053
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 = 5.18
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + 5.18 * 5.94 + 0 = 0.3357
WACC = (0.0156 / 0.0406) * (100% - 0.9947) * (1 - 0.21) + 0.3357 + 0.9947 = 30.43
Terminal Value = Discount (3.75 * (1 + 0.0721) / (30.43 - 0.0721)) = 4.58
Company Value = ∑ (3.75 / (1 + 30.43) ^ 5) = 7.63
Price = (Terminal Value + Company Value) / Count shares = (4.58 + 7.63) / 12900000 = 946.8

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) = 0.0011
FCF Yield = -1.35
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 = 0.0156
Debt = 0.0406
Market Cap = 7.65
Weight Debt = Market Cap / (Market Cap + Debt) = 7.65 / (7.65 + 0.0406) = 0.9947
Weight Cost Debt = 100% - 0.9947 = 0.0053
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 = 5.18
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + 5.18 * 5.94 + 0 = 0.3357
WACC = (0.0156 / 0.0406) * (100% - 0.9947) * (1 - 0.21) + 0.3357 + 0.9947 = 30.43
Terminal Value = Discount (0.0011 * (1 + -1.35) / (30.43 - -1.35)) = -5.9E-5
Company Value = ∑ (0.0011 / (1 + 30.43) ^ 5) = 0.0435
Price = (Terminal Value + Company Value) / Count shares = (-5.9E-5 + 0.0435) / 12900000 = 3.37