BSE: ICICIBANK - ICICI Bank 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 = 63.02
CAGR EPS = 33.65%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 63.02 * (1 + 33.65%) / (0.0433 * 2) = 972.62

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) = 2276.17
Ebitda Yield = 0.0714
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 = 741.08
Debt = 2009.99
Market Cap = 6650
Weight Debt = Market Cap / (Market Cap + Debt) = 6650 / (6650 + 2009.99) = 0.7679
Weight Cost Debt = 100% - 0.7679 = 0.2321
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 = 0.4771
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + 0.4771 * 5.94 + 0 = 0.0565
WACC = (741.08 / 2009.99) * (100% - 0.7679) * (1 - 0.21) + 0.0565 + 0.7679 = 28.95
Terminal Value = Discount (2276.17 * (1 + 0.0714) / (28.95 - 0.0714)) = 3137.39
Company Value = ∑ (2276.17 / (1 + 28.95) ^ 5) = 4784.2
Price = (Terminal Value + Company Value) / Count shares = (3137.39 + 4784.2) / 7022340000 = 1128.06

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) = 2669.18
FCF Yield = 0.1168
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 = 741.08
Debt = 2009.99
Market Cap = 6650
Weight Debt = Market Cap / (Market Cap + Debt) = 6650 / (6650 + 2009.99) = 0.7679
Weight Cost Debt = 100% - 0.7679 = 0.2321
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 = 0.4771
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + 0.4771 * 5.94 + 0 = 0.0565
WACC = (741.08 / 2009.99) * (100% - 0.7679) * (1 - 0.21) + 0.0565 + 0.7679 = 28.95
Terminal Value = Discount (2669.18 * (1 + 0.1168) / (28.95 - 0.1168)) = 4844.14
Company Value = ∑ (2669.18 / (1 + 28.95) ^ 5) = 5093.97
Price = (Terminal Value + Company Value) / Count shares = (4844.14 + 5093.97) / 7022340000 = 1415.21