NSE: ARTNIRMAN - Art Nirman 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 = 40.68
CAGR EPS = 6.41%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 53.3 + (53.3 * 6.41% / 100) = 56.71

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) = 25.73
Ebitda Yield = 0.693
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 = 0.4924
Debt = 2.52
Market Cap = 0
Weight Debt = Market Cap / (Market Cap + Debt) = 0 / (0 + 2.52) = 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) = 2.39
β = 0.9647
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.39 + 0.9647 * 5.94 + 0 = 0.0812
WACC = (0.4924 / 2.52) * (100% - 0) * (1 - 0.21) + 0.0812 + 0 = 15.44
Terminal Value = Discount (25.73 * (1 + 0.693) / (15.44 - 0.693)) = 39.46
Company Value = ∑ (25.73 / (1 + 15.44) ^ 5) = 33.64
Price = (Terminal Value + Company Value) / Count shares = (39.46 + 33.64) / 24960000 = 2928.66

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) = 17.36
FCF Yield = 0.6666
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 = 0.4924
Debt = 2.52
Market Cap = 0
Weight Debt = Market Cap / (Market Cap + Debt) = 0 / (0 + 2.52) = 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) = 2.39
β = 0.9647
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.39 + 0.9647 * 5.94 + 0 = 0.0812
WACC = (0.4924 / 2.52) * (100% - 0) * (1 - 0.21) + 0.0812 + 0 = 15.44
Terminal Value = Discount (17.36 * (1 + 0.6666) / (15.44 - 0.6666)) = 27.55
Company Value = ∑ (17.36 / (1 + 15.44) ^ 5) = 23.16
Price = (Terminal Value + Company Value) / Count shares = (27.55 + 23.16) / 24960000 = 2031.62