NSE: ABCAPITAL - Aditya Birla Capital 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 = 12.95
CAGR EPS = 26.43%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 176.09 + (176.09 * 26.43% / 100) = 222.62

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) = 769.58
Ebitda Yield = 0.4455
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 = 76.32
Debt = 1101.28
Market Cap = 489.64
Weight Debt = Market Cap / (Market Cap + Debt) = 489.64 / (489.64 + 1101.28) = 0.3078
Weight Cost Debt = 100% - 0.3078 = 0.6922
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 = 2.27
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + 2.27 * 5.94 + 0 = 0.1627
WACC = (76.32 / 1101.28) * (100% - 0.3078) * (1 - 0.21) + 0.1627 + 0.3078 = 5.51
Terminal Value = Discount (769.58 * (1 + 0.4455) / (5.51 - 0.4455)) = 2179.36
Company Value = ∑ (769.58 / (1 + 5.51) ^ 5) = 1727.82
Price = (Terminal Value + Company Value) / Count shares = (2179.36 + 1727.82) / 2575000000 = 1517.35

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) = 188.69
FCF Yield = -1.95
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 = 76.32
Debt = 1101.28
Market Cap = 489.64
Weight Debt = Market Cap / (Market Cap + Debt) = 489.64 / (489.64 + 1101.28) = 0.3078
Weight Cost Debt = 100% - 0.3078 = 0.6922
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 = 2.27
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + 2.27 * 5.94 + 0 = 0.1627
WACC = (76.32 / 1101.28) * (100% - 0.3078) * (1 - 0.21) + 0.1627 + 0.3078 = 5.51
Terminal Value = Discount (188.69 * (1 + -1.95) / (5.51 - -1.95)) = -68.34
Company Value = ∑ (188.69 / (1 + 5.51) ^ 5) = 184.38
Price = (Terminal Value + Company Value) / Count shares = (-68.34 + 184.38) / 2575000000 = 45.06