BSE: HDFCLIFE - HDFC Life Insurance 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 = 7.32
CAGR EPS = 2.63%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 7.32 * (1 + 2.63%) / (0.0433 * 2) = 86.75

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) = 2860.56
Ebitda Yield = 0.23
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 = 1.12
Debt = 9.5
Market Cap = 1340
Weight Debt = Market Cap / (Market Cap + Debt) = 1340 / (1340 + 9.5) = 0.993
Weight Cost Debt = 100% - 0.993 = 0.007
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) = 2.75
β = 1.21
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.75 + 1.21 * 5.94 + 0 = 0.0994
WACC = (1.12 / 9.5) * (100% - 0.993) * (1 - 0.21) + 0.0994 + 0.993 = 9.31
Terminal Value = Discount (2860.56 * (1 + 0.23) / (9.31 - 0.23)) = 16466.05
Company Value = ∑ (2860.56 / (1 + 9.31) ^ 5) = 7338.59
Price = (Terminal Value + Company Value) / Count shares = (16466.05 + 7338.59) / 2149400000 = 11075.01

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) = 142.18
FCF Yield = 0.0608
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 = 1.12
Debt = 9.5
Market Cap = 1340
Weight Debt = Market Cap / (Market Cap + Debt) = 1340 / (1340 + 9.5) = 0.993
Weight Cost Debt = 100% - 0.993 = 0.007
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) = 2.75
β = 1.21
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.75 + 1.21 * 5.94 + 0 = 0.0994
WACC = (1.12 / 9.5) * (100% - 0.993) * (1 - 0.21) + 0.0994 + 0.993 = 9.31
Terminal Value = Discount (142.18 * (1 + 0.0608) / (9.31 - 0.0608)) = 2988.48
Company Value = ∑ (142.18 / (1 + 9.31) ^ 5) = 484.11
Price = (Terminal Value + Company Value) / Count shares = (2988.48 + 484.11) / 2149400000 = 1615.61