BSE: WELSPUNIND - Welspun India 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 = 2.01
CAGR EPS = -0.7393%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 2.01 * (1 + -0.7393%) / (0.0433 * 2) = 23.07

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) = 9.12
Ebitda Yield = 0.0085
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 = 1.3
Debt = 23.5
Market Cap = 89.39
Weight Debt = Market Cap / (Market Cap + Debt) = 89.39 / (89.39 + 23.5) = 0.7918
Weight Cost Debt = 100% - 0.7918 = 0.2082
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) = 2.82
β = 3.11
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + 3.11 * 5.94 + 0 = 0.2127
WACC = (1.3 / 23.5) * (100% - 0.7918) * (1 - 0.21) + 0.2127 + 0.7918 = 4.5
Terminal Value = Discount (9.12 * (1 + 0.0085) / (4.5 - 0.0085)) = 202.18
Company Value = ∑ (9.12 / (1 + 4.5) ^ 5) = 39.33
Price = (Terminal Value + Company Value) / Count shares = (202.18 + 39.33) / 988060000 = 244.43

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) = 10.49
FCF Yield = 0.1688
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 = 1.3
Debt = 23.5
Market Cap = 89.39
Weight Debt = Market Cap / (Market Cap + Debt) = 89.39 / (89.39 + 23.5) = 0.7918
Weight Cost Debt = 100% - 0.7918 = 0.2082
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) = 2.82
β = 3.11
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + 3.11 * 5.94 + 0 = 0.2127
WACC = (1.3 / 23.5) * (100% - 0.7918) * (1 - 0.21) + 0.2127 + 0.7918 = 4.5
Terminal Value = Discount (10.49 * (1 + 0.1688) / (4.5 - 0.1688)) = 79.46
Company Value = ∑ (10.49 / (1 + 4.5) ^ 5) = 34.07
Price = (Terminal Value + Company Value) / Count shares = (79.46 + 34.07) / 988060000 = 114.9