BSE: WOCKPHARMA - Wockhardt 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 = -30.18
CAGR EPS = 39.17%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 1026.25 + (1026.25 * 39.17% / 100) = 1428.23

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 Ebitda(5) * (1 + Ebitda Yield) / (WACC - Ebitda Yield)
Company Value = ∑ (Discount Ebitda / (1 + WACC) ^ 5)
Discount Ebitda(5) = 0.0254
Ebitda Yield = -1.51
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 = 2.91
Debt = 21.12
Market Cap = 32.95
Weight Debt = Market Cap / (Market Cap + Debt) = 32.95 / (32.95 + 21.12) = 0.6094
Weight Cost Debt = 100% - 0.6094 = 0.3906
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 = 0.064
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + 0.064 * 5.94 + 0 = 0.032
WACC = (2.91 / 21.12) * (100% - 0.6094) * (1 - 0.21) + 0.032 + 0.6094 = 10.84
Terminal Value = Discount (0.0254 * (1 + -1.51) / (10.84 - -1.51)) = -0.0048
Company Value = ∑ (0.0254 / (1 + 10.84) ^ 5) = 0.2296
Price = (Terminal Value + Company Value) / Count shares = (-0.0048 + 0.2296) / 153400000 = 1.47

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) = 0.00085
FCF Yield = -0.5097
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 = 2.91
Debt = 21.12
Market Cap = 32.95
Weight Debt = Market Cap / (Market Cap + Debt) = 32.95 / (32.95 + 21.12) = 0.6094
Weight Cost Debt = 100% - 0.6094 = 0.3906
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 = 0.064
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + 0.064 * 5.94 + 0 = 0.032
WACC = (2.91 / 21.12) * (100% - 0.6094) * (1 - 0.21) + 0.032 + 0.6094 = 10.84
Terminal Value = Discount (0.00085 * (1 + -0.5097) / (10.84 - -0.5097)) = 0.000403
Company Value = ∑ (0.00085 / (1 + 10.84) ^ 5) = 0.0234
Price = (Terminal Value + Company Value) / Count shares = (0.000403 + 0.0234) / 153400000 = 0.1552