NSE: AVALON - Avalon Technologies 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 = 2.32
CAGR EPS = -56.96%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 2.32 * (1 + -56.96%) / (0.0433 * 2) = 11.53

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) = 0.0143
Ebitda Yield = -0.4926
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 = 0.056
Debt = 1.15
Market Cap = 33.47
Weight Debt = Market Cap / (Market Cap + Debt) = 33.47 / (33.47 + 1.15) = 0.9668
Weight Cost Debt = 100% - 0.9668 = 0.0332
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 = -13.22
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.75 + -13.22 * 5.94 + 0 = -0.7578
WACC = (0.056 / 1.15) * (100% - 0.9668) * (1 - 0.21) + -0.7578 + 0.9668 = 3.08
Terminal Value = Discount (0.0143 * (1 + -0.4926) / (3.08 - -0.4926)) = 0.0119
Company Value = ∑ (0.0143 / (1 + 3.08) ^ 5) = 0.3994
Price = (Terminal Value + Company Value) / Count shares = (0.0119 + 0.3994) / 57570000 = 7.14

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
FCF Yield = -1.04
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 = 0.056
Debt = 1.15
Market Cap = 33.47
Weight Debt = Market Cap / (Market Cap + Debt) = 33.47 / (33.47 + 1.15) = 0.9668
Weight Cost Debt = 100% - 0.9668 = 0.0332
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 = -13.22
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.75 + -13.22 * 5.94 + 0 = -0.7578
WACC = (0.056 / 1.15) * (100% - 0.9668) * (1 - 0.21) + -0.7578 + 0.9668 = 3.08
Terminal Value = Discount (0 * (1 + -1.04) / (3.08 - -1.04)) = 0
Company Value = ∑ (0 / (1 + 3.08) ^ 5) = 0.0039
Price = (Terminal Value + Company Value) / Count shares = (0 + 0.0039) / 57570000 = 0.067