BSE: SHOPERSTOP - Shoppers Stop 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 = 7.03
CAGR EPS = 19.72%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 7.03 * (1 + 19.72%) / (0.0433 * 2) = 97.13

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) = 17.61
Ebitda Yield = 0.1861
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 = 2.25
Debt = 1.26
Market Cap = 87.78
Weight Debt = Market Cap / (Market Cap + Debt) = 87.78 / (87.78 + 1.26) = 0.9858
Weight Cost Debt = 100% - 0.9858 = 0.0142
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 = 0.9639
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.39 + 0.9639 * 5.94 + 0 = 0.0812
WACC = (2.25 / 1.26) * (100% - 0.9858) * (1 - 0.21) + 0.0812 + 0.9858 = 139.84
Terminal Value = Discount (17.61 * (1 + 0.1861) / (139.84 - 0.1861)) = 0.217
Company Value = ∑ (17.61 / (1 + 139.84) ^ 5) = 7.12
Price = (Terminal Value + Company Value) / Count shares = (0.217 + 7.12) / 109950000 = 66.74

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) = 3.78
FCF Yield = -0.0036
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 = 2.25
Debt = 1.26
Market Cap = 87.78
Weight Debt = Market Cap / (Market Cap + Debt) = 87.78 / (87.78 + 1.26) = 0.9858
Weight Cost Debt = 100% - 0.9858 = 0.0142
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 = 0.9639
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.39 + 0.9639 * 5.94 + 0 = 0.0812
WACC = (2.25 / 1.26) * (100% - 0.9858) * (1 - 0.21) + 0.0812 + 0.9858 = 139.84
Terminal Value = Discount (3.78 * (1 + -0.0036) / (139.84 - -0.0036)) = 0.0339
Company Value = ∑ (3.78 / (1 + 139.84) ^ 5) = 2.7
Price = (Terminal Value + Company Value) / Count shares = (0.0339 + 2.7) / 109950000 = 24.91