BSE: LEMONTREE - Lemon Tree Hotels 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 = 1.88
CAGR EPS = 77.52%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 1.88 * (1 + 77.52%) / (0.0433 * 2) = 38.44

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) = 8.72
Ebitda Yield = 0.1378
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 = 2.02
Debt = 18.89
Market Cap = 0
Weight Debt = Market Cap / (Market Cap + Debt) = 0 / (0 + 18.89) = 0
Weight Cost Debt = 100% - 0 = 1
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) = 2.39
β = 1.75
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.39 + 1.75 * 5.94 + 0 = 0.1276
WACC = (2.02 / 18.89) * (100% - 0) * (1 - 0.21) + 0.1276 + 0 = 8.47
Terminal Value = Discount (8.72 * (1 + 0.1378) / (8.47 - 0.1378)) = 124.43
Company Value = ∑ (8.72 / (1 + 8.47) ^ 5) = 26.44
Price = (Terminal Value + Company Value) / Count shares = (124.43 + 26.44) / 791780000 = 190.55

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) = 2.61
FCF Yield = 0.1425
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 = 2.02
Debt = 18.89
Market Cap = 0
Weight Debt = Market Cap / (Market Cap + Debt) = 0 / (0 + 18.89) = 0
Weight Cost Debt = 100% - 0 = 1
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) = 2.39
β = 1.75
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.39 + 1.75 * 5.94 + 0 = 0.1276
WACC = (2.02 / 18.89) * (100% - 0) * (1 - 0.21) + 0.1276 + 0 = 8.47
Terminal Value = Discount (2.61 * (1 + 0.1425) / (8.47 - 0.1425)) = 34.28
Company Value = ∑ (2.61 / (1 + 8.47) ^ 5) = 7.84
Price = (Terminal Value + Company Value) / Count shares = (34.28 + 7.84) / 791780000 = 53.2