BSE: ICICIGI - ICICI Lombard General 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 = 38.94
CAGR EPS = 8.25%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 38.94 * (1 + 8.25%) / (0.0433 * 2) = 486.76

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) = 367.1
Ebitda Yield = 0.11
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 = 0.9413
Debt = 1.67
Market Cap = 680.73
Weight Debt = Market Cap / (Market Cap + Debt) = 680.73 / (680.73 + 1.67) = 0.9976
Weight Cost Debt = 100% - 0.9976 = 0.0024
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) = 2.89
β = 1.56
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.89 + 1.56 * 5.94 + 0 = 0.1218
WACC = (0.9413 / 1.67) * (100% - 0.9976) * (1 - 0.21) + 0.1218 + 0.9976 = 44.33
Terminal Value = Discount (367.1 * (1 + 0.11) / (44.33 - 0.11)) = 195.18
Company Value = ∑ (367.1 / (1 + 44.33) ^ 5) = 530.3
Price = (Terminal Value + Company Value) / Count shares = (195.18 + 530.3) / 492690000 = 1472.48

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) = 16.85
FCF Yield = -0.0533
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 = 0.9413
Debt = 1.67
Market Cap = 680.73
Weight Debt = Market Cap / (Market Cap + Debt) = 680.73 / (680.73 + 1.67) = 0.9976
Weight Cost Debt = 100% - 0.9976 = 0.0024
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) = 2.89
β = 1.56
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.89 + 1.56 * 5.94 + 0 = 0.1218
WACC = (0.9413 / 1.67) * (100% - 0.9976) * (1 - 0.21) + 0.1218 + 0.9976 = 44.33
Terminal Value = Discount (16.85 * (1 + -0.0533) / (44.33 - -0.0533)) = 5.13
Company Value = ∑ (16.85 / (1 + 44.33) ^ 5) = 37.12
Price = (Terminal Value + Company Value) / Count shares = (5.13 + 37.12) / 492690000 = 85.74