BSE: SBIN - State Bank of India

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 = 75.17
CAGR EPS = 27.68%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 736.75 + (736.75 * 27.68% / 100) = 940.7

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) = 4869.09
Ebitda Yield = 0.0851
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 = 2597.36
Debt = 4440
Market Cap = 5110
Weight Debt = Market Cap / (Market Cap + Debt) = 5110 / (5110 + 4440) = 0.5351
Weight Cost Debt = 100% - 0.5351 = 0.4649
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 = 2.25
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + 2.25 * 5.94 + 0 = 0.1616
WACC = (2597.36 / 4440) * (100% - 0.5351) * (1 - 0.21) + 0.1616 + 0.5351 = 46.05
Terminal Value = Discount (4869.09 * (1 + 0.0851) / (46.05 - 0.0851)) = 2117.77
Company Value = ∑ (4869.09 / (1 + 46.05) ^ 5) = 7236.67
Price = (Terminal Value + Company Value) / Count shares = (2117.77 + 7236.67) / 8924610000 = 1048.16

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) = 151.45
FCF Yield = -0.028
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 = 2597.36
Debt = 4440
Market Cap = 5110
Weight Debt = Market Cap / (Market Cap + Debt) = 5110 / (5110 + 4440) = 0.5351
Weight Cost Debt = 100% - 0.5351 = 0.4649
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 = 2.25
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + 2.25 * 5.94 + 0 = 0.1616
WACC = (2597.36 / 4440) * (100% - 0.5351) * (1 - 0.21) + 0.1616 + 0.5351 = 46.05
Terminal Value = Discount (151.45 * (1 + -0.028) / (46.05 - -0.028)) = 45.34
Company Value = ∑ (151.45 / (1 + 46.05) ^ 5) = 301.98
Price = (Terminal Value + Company Value) / Count shares = (45.34 + 301.98) / 8924610000 = 38.92