BSE: UNIONBANK - Union Bank of India

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 = 18.07
CAGR EPS = 29.49%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 123.48 + (123.48 * 29.49% / 100) = 159.89

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) = 1398.56
Ebitda Yield = 0.206
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 = 633.64
Debt = 427.37
Market Cap = 606.04
Weight Debt = Market Cap / (Market Cap + Debt) = 606.04 / (606.04 + 427.37) = 0.5864
Weight Cost Debt = 100% - 0.5864 = 0.4136
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 = 1.55
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 3 + 1.55 * 5.94 + 0 = 0.122
WACC = (633.64 / 427.37) * (100% - 0.5864) * (1 - 0.21) + 0.122 + 0.5864 = 116.51
Terminal Value = Discount (1398.56 * (1 + 0.206) / (116.51 - 0.206)) = 36.96
Company Value = ∑ (1398.56 / (1 + 116.51) ^ 5) = 652.36
Price = (Terminal Value + Company Value) / Count shares = (36.96 + 652.36) / 7633610000 = 90.3

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) = 350.26
FCF Yield = 0.1389
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 = 633.64
Debt = 427.37
Market Cap = 606.04
Weight Debt = Market Cap / (Market Cap + Debt) = 606.04 / (606.04 + 427.37) = 0.5864
Weight Cost Debt = 100% - 0.5864 = 0.4136
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 = 1.55
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 3 + 1.55 * 5.94 + 0 = 0.122
WACC = (633.64 / 427.37) * (100% - 0.5864) * (1 - 0.21) + 0.122 + 0.5864 = 116.51
Terminal Value = Discount (350.26 * (1 + 0.1389) / (116.51 - 0.1389)) = 8.17
Company Value = ∑ (350.26 / (1 + 116.51) ^ 5) = 194.7
Price = (Terminal Value + Company Value) / Count shares = (8.17 + 194.7) / 7633610000 = 26.58