BSE: SFL - Sheela Foam 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 = 16.78
CAGR EPS = -3.88%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 16.78 * (1 + -3.88%) / (0.0433 * 2) = 186.29

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) = 4.37
Ebitda Yield = 0.026
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 = 0.678
Debt = 12.81
Market Cap = 112.9
Weight Debt = Market Cap / (Market Cap + Debt) = 112.9 / (112.9 + 12.81) = 0.8981
Weight Cost Debt = 100% - 0.8981 = 0.1019
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 = 2.08
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + 2.08 * 5.94 + 0 = 0.1519
WACC = (0.678 / 12.81) * (100% - 0.8981) * (1 - 0.21) + 0.1519 + 0.8981 = 4.28
Terminal Value = Discount (4.37 * (1 + 0.026) / (4.28 - 0.026)) = 215.84
Company Value = ∑ (4.37 / (1 + 4.28) ^ 5) = 18.29
Price = (Terminal Value + Company Value) / Count shares = (215.84 + 18.29) / 180220000 = 1299.15

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) = -1000.54
FCF Yield = 1.2
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 = 0.678
Debt = 12.81
Market Cap = 112.9
Weight Debt = Market Cap / (Market Cap + Debt) = 112.9 / (112.9 + 12.81) = 0.8981
Weight Cost Debt = 100% - 0.8981 = 0.1019
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 = 2.08
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + 2.08 * 5.94 + 0 = 0.1519
WACC = (0.678 / 12.81) * (100% - 0.8981) * (1 - 0.21) + 0.1519 + 0.8981 = 4.28
Terminal Value = Discount (-1000.54 * (1 + 1.2) / (4.28 - 1.2)) = -1542.79
Company Value = ∑ (-1000.54 / (1 + 4.28) ^ 5) = -1505.86
Price = (Terminal Value + Company Value) / Count shares = (-1542.79 + -1505.86) / 180220000 = -16916.28