BSE: JMFINANCIL - JM Financial 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 = 4.29
CAGR EPS = -7.92%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 4.29 * (1 + -7.92%) / (0.0433 * 2) = 45.6

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) = 33.35
Ebitda Yield = 0.0436
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 = 15.62
Debt = 159.39
Market Cap = 68.28
Weight Debt = Market Cap / (Market Cap + Debt) = 68.28 / (68.28 + 159.39) = 0.2999
Weight Cost Debt = 100% - 0.2999 = 0.7001
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 = 5.02
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + 5.02 * 5.94 + 0 = 0.3262
WACC = (15.62 / 159.39) * (100% - 0.2999) * (1 - 0.21) + 0.3262 + 0.2999 = 7.81
Terminal Value = Discount (33.35 * (1 + 0.0436) / (7.81 - 0.0436)) = 692.36
Company Value = ∑ (33.35 / (1 + 7.81) ^ 5) = 122.28
Price = (Terminal Value + Company Value) / Count shares = (692.36 + 122.28) / 955590000 = 852.5

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) = 39.65
FCF Yield = 0.0206
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 = 15.62
Debt = 159.39
Market Cap = 68.28
Weight Debt = Market Cap / (Market Cap + Debt) = 68.28 / (68.28 + 159.39) = 0.2999
Weight Cost Debt = 100% - 0.2999 = 0.7001
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 = 5.02
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + 5.02 * 5.94 + 0 = 0.3262
WACC = (15.62 / 159.39) * (100% - 0.2999) * (1 - 0.21) + 0.3262 + 0.2999 = 7.81
Terminal Value = Discount (39.65 * (1 + 0.0206) / (7.81 - 0.0206)) = 482.65
Company Value = ∑ (39.65 / (1 + 7.81) ^ 5) = 152.35
Price = (Terminal Value + Company Value) / Count shares = (482.65 + 152.35) / 955590000 = 664.5