NSE: ADANIPOWER - Adani Power 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 = 51.62
CAGR EPS = 60.81%
Key Rate = 0.0458
Excess Key Rate = 2
Price = 484.95 + (484.95 * 60.81% / 100) = 779.83

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) = 902.18
Ebitda Yield = 0.2627
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 = 33.88
Debt = 344.72
Market Cap = 1180
Weight Debt = Market Cap / (Market Cap + Debt) = 1180 / (1180 + 344.72) = 0.7739
Weight Cost Debt = 100% - 0.7739 = 0.2261
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) = 2.6
β = 1.26
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.6 + 1.26 * 5.94 + 0 = 0.1009
WACC = (33.88 / 344.72) * (100% - 0.7739) * (1 - 0.21) + 0.1009 + 0.7739 = 7.78
Terminal Value = Discount (902.18 * (1 + 0.2627) / (7.78 - 0.2627)) = 4237.12
Company Value = ∑ (902.18 / (1 + 7.78) ^ 5) = 2316.71
Price = (Terminal Value + Company Value) / Count shares = (4237.12 + 2316.71) / 3856940000 = 1699.23

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 FCF(5) * (1 + FCF Yield) / (WACC - FCF Yield)
Company Value = ∑ (Discount FCF / (1 + WACC) ^ 5)
Discount FCF(5) = 317.46
FCF Yield = 0.2237
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 = 33.88
Debt = 344.72
Market Cap = 1180
Weight Debt = Market Cap / (Market Cap + Debt) = 1180 / (1180 + 344.72) = 0.7739
Weight Cost Debt = 100% - 0.7739 = 0.2261
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) = 2.6
β = 1.26
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.6 + 1.26 * 5.94 + 0 = 0.1009
WACC = (33.88 / 344.72) * (100% - 0.7739) * (1 - 0.21) + 0.1009 + 0.7739 = 7.78
Terminal Value = Discount (317.46 * (1 + 0.2237) / (7.78 - 0.2237)) = 1830.39
Company Value = ∑ (317.46 / (1 + 7.78) ^ 5) = 860.23
Price = (Terminal Value + Company Value) / Count shares = (1830.39 + 860.23) / 3856940000 = 697.6