BSE: TTML - Tata Teleservices (Maharashtra) Limited

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 = -6.28
CAGR EPS = 8.66%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 84.64 + (84.64 * 8.66% / 100) = 91.97

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) = 2.84
Ebitda Yield = -0.1084
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 = 16.21
Debt = 199.54
Market Cap = 142.24
Weight Debt = Market Cap / (Market Cap + Debt) = 142.24 / (142.24 + 199.54) = 0.4162
Weight Cost Debt = 100% - 0.4162 = 0.5838
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 = 4.92
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.89 + 4.92 * 5.94 + 0 = 0.321
WACC = (16.21 / 199.54) * (100% - 0.4162) * (1 - 0.21) + 0.321 + 0.4162 = 6.52
Terminal Value = Discount (2.84 * (1 + -0.1084) / (6.52 - -0.1084)) = 10.63
Company Value = ∑ (2.84 / (1 + 6.52) ^ 5) = 15.25
Price = (Terminal Value + Company Value) / Count shares = (10.63 + 15.25) / 1954930000 = 13.23

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) = 11.76
FCF Yield = 0.1977
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 = 16.21
Debt = 199.54
Market Cap = 142.24
Weight Debt = Market Cap / (Market Cap + Debt) = 142.24 / (142.24 + 199.54) = 0.4162
Weight Cost Debt = 100% - 0.4162 = 0.5838
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 = 4.92
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.89 + 4.92 * 5.94 + 0 = 0.321
WACC = (16.21 / 199.54) * (100% - 0.4162) * (1 - 0.21) + 0.321 + 0.4162 = 6.52
Terminal Value = Discount (11.76 * (1 + 0.1977) / (6.52 - 0.1977)) = 77.56
Company Value = ∑ (11.76 / (1 + 6.52) ^ 5) = 34.39
Price = (Terminal Value + Company Value) / Count shares = (77.56 + 34.39) / 1954930000 = 57.26