BSE: SUNDARMFIN - Sundaram Finance 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 = 130.3
CAGR EPS = 12.64%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 130.3 * (1 + 12.64%) / (0.0433 * 2) = 1694.85

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) = 55.61
Ebitda Yield = 0.0892
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 = 34.18
Debt = 358.81
Market Cap = 287.79
Weight Debt = Market Cap / (Market Cap + Debt) = 287.79 / (287.79 + 358.81) = 0.4451
Weight Cost Debt = 100% - 0.4451 = 0.5549
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) = 3
β = -0.8305
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 3 + -0.8305 * 5.94 + 0 = -0.0193
WACC = (34.18 / 358.81) * (100% - 0.4451) * (1 - 0.21) + -0.0193 + 0.4451 = 7.48
Terminal Value = Discount (55.61 * (1 + 0.0892) / (7.48 - 0.0892)) = 2937.55
Company Value = ∑ (55.61 / (1 + 7.48) ^ 5) = 188.79
Price = (Terminal Value + Company Value) / Count shares = (2937.55 + 188.79) / 110210000 = 28367.11

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) = -8784.16
FCF Yield = 1.52
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 = 34.18
Debt = 358.81
Market Cap = 287.79
Weight Debt = Market Cap / (Market Cap + Debt) = 287.79 / (287.79 + 358.81) = 0.4451
Weight Cost Debt = 100% - 0.4451 = 0.5549
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) = 3
β = -0.8305
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 3 + -0.8305 * 5.94 + 0 = -0.0193
WACC = (34.18 / 358.81) * (100% - 0.4451) * (1 - 0.21) + -0.0193 + 0.4451 = 7.48
Terminal Value = Discount (-8784.16 * (1 + 1.52) / (7.48 - 1.52)) = -10664.09
Company Value = ∑ (-8784.16 / (1 + 7.48) ^ 5) = -10514.86
Price = (Terminal Value + Company Value) / Count shares = (-10664.09 + -10514.86) / 110210000 = -192169.07