BSE: UCOBANK - UCO Bank

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 = 1.4
CAGR EPS = 20.95%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 1.4 * (1 + 20.95%) / (0.0433 * 2) = 19.53

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) = 168.74
Ebitda Yield = 0.0822
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 = 137.54
Debt = 205.01
Market Cap = 342.18
Weight Debt = Market Cap / (Market Cap + Debt) = 342.18 / (342.18 + 205.01) = 0.6253
Weight Cost Debt = 100% - 0.6253 = 0.3747
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 = 1.72
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.89 + 1.72 * 5.94 + 0 = 0.131
WACC = (137.54 / 205.01) * (100% - 0.6253) * (1 - 0.21) + 0.131 + 0.6253 = 52.75
Terminal Value = Discount (168.74 * (1 + 0.0822) / (52.75 - 0.0822)) = 49.32
Company Value = ∑ (168.74 / (1 + 52.75) ^ 5) = 226.94
Price = (Terminal Value + Company Value) / Count shares = (49.32 + 226.94) / 11955960000 = 23.11

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) = 11.65
FCF Yield = 0.1244
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 = 137.54
Debt = 205.01
Market Cap = 342.18
Weight Debt = Market Cap / (Market Cap + Debt) = 342.18 / (342.18 + 205.01) = 0.6253
Weight Cost Debt = 100% - 0.6253 = 0.3747
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 = 1.72
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.89 + 1.72 * 5.94 + 0 = 0.131
WACC = (137.54 / 205.01) * (100% - 0.6253) * (1 - 0.21) + 0.131 + 0.6253 = 52.75
Terminal Value = Discount (11.65 * (1 + 0.1244) / (52.75 - 0.1244)) = 3.91
Company Value = ∑ (11.65 / (1 + 52.75) ^ 5) = 14.17
Price = (Terminal Value + Company Value) / Count shares = (3.91 + 14.17) / 11955960000 = 1.51