BSE: VISHAL - Vishal Fabrics 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 = 1.07
CAGR EPS = -6.83%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 1.07 * (1 + -6.83%) / (0.0433 * 2) = 11.5

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) = 2.35
Ebitda Yield = 0.1097
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 = 0.275
Debt = 3.81
Market Cap = 3.47
Weight Debt = Market Cap / (Market Cap + Debt) = 3.47 / (3.47 + 3.81) = 0.4768
Weight Cost Debt = 100% - 0.4768 = 0.5232
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) = 2.39
β = 3.89
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.39 + 3.89 * 5.94 + 0 = 0.2548
WACC = (0.275 / 3.81) * (100% - 0.4768) * (1 - 0.21) + 0.2548 + 0.4768 = 5.8
Terminal Value = Discount (2.35 * (1 + 0.1097) / (5.8 - 0.1097)) = 38.04
Company Value = ∑ (2.35 / (1 + 5.8) ^ 5) = 8.08
Price = (Terminal Value + Company Value) / Count shares = (38.04 + 8.08) / 197610000 = 233.38

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) = 0.0012
FCF Yield = -1.42
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 = 0.275
Debt = 3.81
Market Cap = 3.47
Weight Debt = Market Cap / (Market Cap + Debt) = 3.47 / (3.47 + 3.81) = 0.4768
Weight Cost Debt = 100% - 0.4768 = 0.5232
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) = 2.39
β = 3.89
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.39 + 3.89 * 5.94 + 0 = 0.2548
WACC = (0.275 / 3.81) * (100% - 0.4768) * (1 - 0.21) + 0.2548 + 0.4768 = 5.8
Terminal Value = Discount (0.0012 * (1 + -1.42) / (5.8 - -1.42)) = -0.000249
Company Value = ∑ (0.0012 / (1 + 5.8) ^ 5) = 0.0253
Price = (Terminal Value + Company Value) / Count shares = (-0.000249 + 0.0253) / 197610000 = 0.127