BSE: TEAMLEASE - TeamLease 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 = 66.9
CAGR EPS = 26.74%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 66.9 * (1 + 26.74%) / (0.0433 * 2) = 979.16

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 Ebitda(5) * (1 + Ebitda Yield) / (WACC - Ebitda Yield)
Company Value = ∑ (Discount Ebitda / (1 + WACC) ^ 5)
Discount Ebitda(5) = 2.22
Ebitda Yield = 0.0631
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 = 0.1023
Debt = 1
Market Cap = 40.8
Weight Debt = Market Cap / (Market Cap + Debt) = 40.8 / (40.8 + 1) = 0.9761
Weight Cost Debt = 100% - 0.9761 = 0.0239
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) = 2.89
β = 1.5
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.89 + 1.5 * 5.94 + 0 = 0.1178
WACC = (0.1023 / 1) * (100% - 0.9761) * (1 - 0.21) + 0.1178 + 0.9761 = 8.12
Terminal Value = Discount (2.22 * (1 + 0.0631) / (8.12 - 0.0631)) = 88.35
Company Value = ∑ (2.22 / (1 + 8.12) ^ 5) = 7.79
Price = (Terminal Value + Company Value) / Count shares = (88.35 + 7.79) / 16760000 = 5736.35

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) = 11.1
FCF Yield = 0.6273
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 = 0.1023
Debt = 1
Market Cap = 40.8
Weight Debt = Market Cap / (Market Cap + Debt) = 40.8 / (40.8 + 1) = 0.9761
Weight Cost Debt = 100% - 0.9761 = 0.0239
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) = 2.89
β = 1.5
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.89 + 1.5 * 5.94 + 0 = 0.1178
WACC = (0.1023 / 1) * (100% - 0.9761) * (1 - 0.21) + 0.1178 + 0.9761 = 8.12
Terminal Value = Discount (11.1 * (1 + 0.6273) / (8.12 - 0.6273)) = 22.39
Company Value = ∑ (11.1 / (1 + 8.12) ^ 5) = 19.49
Price = (Terminal Value + Company Value) / Count shares = (22.39 + 19.49) / 16760000 = 2499.14