BSE: HUDCO - Housing and Urban Development Corporation 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 = 10.57
CAGR EPS = 4.38%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 10.57 * (1 + 4.38%) / (0.0433 * 2) = 127.44

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) = 32.17
Ebitda Yield = 0.0156
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 = 49.6
Debt = 629.03
Market Cap = 115.61
Weight Debt = Market Cap / (Market Cap + Debt) = 115.61 / (115.61 + 629.03) = 0.1553
Weight Cost Debt = 100% - 0.1553 = 0.8447
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 = 3.46
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + 3.46 * 5.94 + 0 = 0.2338
WACC = (49.6 / 629.03) * (100% - 0.1553) * (1 - 0.21) + 0.2338 + 0.1553 = 6.26
Terminal Value = Discount (32.17 * (1 + 0.0156) / (6.26 - 0.0156)) = 514.17
Company Value = ∑ (32.17 / (1 + 6.26) ^ 5) = 130.24
Price = (Terminal Value + Company Value) / Count shares = (514.17 + 130.24) / 2001900000 = 321.9

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) = -554.6
FCF Yield = 0.4006
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 = 49.6
Debt = 629.03
Market Cap = 115.61
Weight Debt = Market Cap / (Market Cap + Debt) = 115.61 / (115.61 + 629.03) = 0.1553
Weight Cost Debt = 100% - 0.1553 = 0.8447
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 = 3.46
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + 3.46 * 5.94 + 0 = 0.2338
WACC = (49.6 / 629.03) * (100% - 0.1553) * (1 - 0.21) + 0.2338 + 0.1553 = 6.26
Terminal Value = Discount (-554.6 * (1 + 0.4006) / (6.26 - 0.4006)) = -1696.63
Company Value = ∑ (-554.6 / (1 + 6.26) ^ 5) = -1270.22
Price = (Terminal Value + Company Value) / Count shares = (-1696.63 + -1270.22) / 2001900000 = -1482.02