NSE: ADANIENSOL - Adani Energy Solutions 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 = 10.2
CAGR EPS = 8.76%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 10.2 * (1 + 8.76%) / (0.0433 * 2) = 128.04

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) = 68.07
Ebitda Yield = 0.0168
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 = 27.67
Debt = 370.7
Market Cap = 0
Weight Debt = Market Cap / (Market Cap + Debt) = 0 / (0 + 370.7) = 0
Weight Cost Debt = 100% - 0 = 1
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) = 3
β = 4.37
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 3 + 4.37 * 5.94 + 0 = 0.2895
WACC = (27.67 / 370.7) * (100% - 0) * (1 - 0.21) + 0.2895 + 0 = 5.9
Terminal Value = Discount (68.07 * (1 + 0.0168) / (5.9 - 0.0168)) = 1231.41
Company Value = ∑ (68.07 / (1 + 5.9) ^ 5) = 277.69
Price = (Terminal Value + Company Value) / Count shares = (1231.41 + 277.69) / 1115490000 = 1352.86

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) = 1.93
FCF Yield = -0.2051
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 = 27.67
Debt = 370.7
Market Cap = 0
Weight Debt = Market Cap / (Market Cap + Debt) = 0 / (0 + 370.7) = 0
Weight Cost Debt = 100% - 0 = 1
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) = 3
β = 4.37
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 3 + 4.37 * 5.94 + 0 = 0.2895
WACC = (27.67 / 370.7) * (100% - 0) * (1 - 0.21) + 0.2895 + 0 = 5.9
Terminal Value = Discount (1.93 * (1 + -0.2051) / (5.9 - -0.2051)) = 4.36
Company Value = ∑ (1.93 / (1 + 5.9) ^ 5) = 13.94
Price = (Terminal Value + Company Value) / Count shares = (4.36 + 13.94) / 1115490000 = 16.41