BSE: NETWORK18 - Network18 Media & Investments Limited

Price = Avg Price + (Avg Price * CAGR EPS% / 100)
EPS = Earning Per Share
CAGR EPS = CAGR 5 EPS
Key Rate — Nøkkelrente
Excess Key Rate — Ønsket overskridelse av styringsrenten
EPS = -0.8139
CAGR EPS = 8.66%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 66.55 + (66.55 * 8.66% / 100) = 72.31

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) = 2.09
Ebitda Yield = -0.0826
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 = 3.22
Debt = 60.69
Market Cap = 66.16
Weight Debt = Market Cap / (Market Cap + Debt) = 66.16 / (66.16 + 60.69) = 0.5216
Weight Cost Debt = 100% - 0.5216 = 0.4784
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 = 7.01
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + 7.01 * 5.94 + 0 = 0.4447
WACC = (3.22 / 60.69) * (100% - 0.5216) * (1 - 0.21) + 0.4447 + 0.5216 = 4.4
Terminal Value = Discount (2.09 * (1 + -0.0826) / (4.4 - -0.0826)) = 12.19
Company Value = ∑ (2.09 / (1 + 4.4) ^ 5) = 11.07
Price = (Terminal Value + Company Value) / Count shares = (12.19 + 11.07) / 1035360000 = 22.47

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) = -3630.56
FCF Yield = 1.21
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 = 3.22
Debt = 60.69
Market Cap = 66.16
Weight Debt = Market Cap / (Market Cap + Debt) = 66.16 / (66.16 + 60.69) = 0.5216
Weight Cost Debt = 100% - 0.5216 = 0.4784
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 = 7.01
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + 7.01 * 5.94 + 0 = 0.4447
WACC = (3.22 / 60.69) * (100% - 0.5216) * (1 - 0.21) + 0.4447 + 0.5216 = 4.4
Terminal Value = Discount (-3630.56 * (1 + 1.21) / (4.4 - 1.21)) = -5546.49
Company Value = ∑ (-3630.56 / (1 + 4.4) ^ 5) = -5416.2
Price = (Terminal Value + Company Value) / Count shares = (-5546.49 + -5416.2) / 1035360000 = -10588.29