NSE: ADANIGREEN - Adani Green Energy 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 = 6.94
CAGR EPS = 77.09%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 6.94 * (1 + 77.09%) / (0.0433 * 2) = 141.84

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) = 347.17
Ebitda Yield = 0.3493
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 = 43.25
Debt = 648.58
Market Cap = 1580
Weight Debt = Market Cap / (Market Cap + Debt) = 1580 / (1580 + 648.58) = 0.709
Weight Cost Debt = 100% - 0.709 = 0.291
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) = 2.89
β = 6.09
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.89 + 6.09 * 5.94 + 0 = 0.3904
WACC = (43.25 / 648.58) * (100% - 0.709) * (1 - 0.21) + 0.3904 + 0.709 = 5.51
Terminal Value = Discount (347.17 * (1 + 0.3493) / (5.51 - 0.3493)) = 1217.8
Company Value = ∑ (347.17 / (1 + 5.51) ^ 5) = 861.77
Price = (Terminal Value + Company Value) / Count shares = (1217.8 + 861.77) / 1585800000 = 1311.37

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) = -335.67
FCF Yield = 0.3302
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 = 43.25
Debt = 648.58
Market Cap = 1580
Weight Debt = Market Cap / (Market Cap + Debt) = 1580 / (1580 + 648.58) = 0.709
Weight Cost Debt = 100% - 0.709 = 0.291
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) = 2.89
β = 6.09
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.89 + 6.09 * 5.94 + 0 = 0.3904
WACC = (43.25 / 648.58) * (100% - 0.709) * (1 - 0.21) + 0.3904 + 0.709 = 5.51
Terminal Value = Discount (-335.67 * (1 + 0.3302) / (5.51 - 0.3302)) = -1241.34
Company Value = ∑ (-335.67 / (1 + 5.51) ^ 5) = -851.64
Price = (Terminal Value + Company Value) / Count shares = (-1241.34 + -851.64) / 1585800000 = -1319.82