BSE: SBICARD - SBI Cards and Payment Services 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 = 25.32
CAGR EPS = 95.33%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 25.32 * (1 + 95.33%) / (0.0433 * 2) = 571.12

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) = 199.67
Ebitda Yield = 0.0938
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 = 25.89
Debt = 0
Market Cap = 0
Weight Debt = Market Cap / (Market Cap + Debt) = 0 / (0 + 0) = 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) = 2.82
β = -0.905
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + -0.905 * 5.94 + 0 = -0.0256
WACC = (25.89 / 0) * (100% - 0) * (1 - 0.21) + -0.0256 + 0 = 0
Terminal Value = Discount (199.67 * (1 + 0.0938) / (0 - 0.0938)) = 2327.58
Company Value = ∑ (199.67 / (1 + 0) ^ 5) = 841.12
Price = (Terminal Value + Company Value) / Count shares = (2327.58 + 841.12) / 950970000 = 3332.08

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) = -69.65
FCF Yield = 0.0474
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 = 25.89
Debt = 0
Market Cap = 0
Weight Debt = Market Cap / (Market Cap + Debt) = 0 / (0 + 0) = 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) = 2.82
β = -0.905
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + -0.905 * 5.94 + 0 = -0.0256
WACC = (25.89 / 0) * (100% - 0) * (1 - 0.21) + -0.0256 + 0 = 0
Terminal Value = Discount (-69.65 * (1 + 0.0474) / (0 - 0.0474)) = -1540.01
Company Value = ∑ (-69.65 / (1 + 0) ^ 5) = -318.13
Price = (Terminal Value + Company Value) / Count shares = (-1540.01 + -318.13) / 950970000 = -1953.95