NSE: ABFRL - Aditya Birla Fashion and Retail 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 = -6.65
CAGR EPS = 29.66%
Key Rate = 0.0458
Excess Key Rate = 2
Price = 280.38 + (280.38 * 29.66% / 100) = 363.52

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) = 16.56
Ebitda Yield = 0.0265
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 = 8.77
Debt = 53.64
Market Cap = 206.66
Weight Debt = Market Cap / (Market Cap + Debt) = 206.66 / (206.66 + 53.64) = 0.7939
Weight Cost Debt = 100% - 0.7939 = 0.2061
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) = 2.75
β = 0.8962
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.75 + 0.8962 * 5.94 + 0 = 0.0807
WACC = (8.77 / 53.64) * (100% - 0.7939) * (1 - 0.21) + 0.0807 + 0.7939 = 12.87
Terminal Value = Discount (16.56 * (1 + 0.0265) / (12.87 - 0.0265)) = 90.8
Company Value = ∑ (16.56 / (1 + 12.87) ^ 5) = 55.13
Price = (Terminal Value + Company Value) / Count shares = (90.8 + 55.13) / 947730000 = 153.98

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) = 0.0761
FCF Yield = -1.52
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 = 8.77
Debt = 53.64
Market Cap = 206.66
Weight Debt = Market Cap / (Market Cap + Debt) = 206.66 / (206.66 + 53.64) = 0.7939
Weight Cost Debt = 100% - 0.7939 = 0.2061
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) = 2.75
β = 0.8962
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.75 + 0.8962 * 5.94 + 0 = 0.0807
WACC = (8.77 / 53.64) * (100% - 0.7939) * (1 - 0.21) + 0.0807 + 0.7939 = 12.87
Terminal Value = Discount (0.0761 * (1 + -1.52) / (12.87 - -1.52)) = -0.0131
Company Value = ∑ (0.0761 / (1 + 12.87) ^ 5) = 0.6317
Price = (Terminal Value + Company Value) / Count shares = (-0.0131 + 0.6317) / 947730000 = 0.6527