NSE: CHOICEIN - Choice International 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 = 6.52
CAGR EPS = 21.64%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 6.52 * (1 + 21.64%) / (0.0433 * 2) = 91.64

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) = 9.63
Ebitda Yield = 0.331
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 = 0.4037
Debt = 4.55
Market Cap = 37.73
Weight Debt = Market Cap / (Market Cap + Debt) = 37.73 / (37.73 + 4.55) = 0.8924
Weight Cost Debt = 100% - 0.8924 = 0.1076
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 = -0.6519
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 3 + -0.6519 * 5.94 + 0 = -0.0087
WACC = (0.4037 / 4.55) * (100% - 0.8924) * (1 - 0.21) + -0.0087 + 0.8924 = 6.94
Terminal Value = Discount (9.63 * (1 + 0.331) / (6.94 - 0.331)) = 35.04
Company Value = ∑ (9.63 / (1 + 6.94) ^ 5) = 23.31
Price = (Terminal Value + Company Value) / Count shares = (35.04 + 23.31) / 200580000 = 290.91

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) = 1.47
FCF Yield = -1.98
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 = 0.4037
Debt = 4.55
Market Cap = 37.73
Weight Debt = Market Cap / (Market Cap + Debt) = 37.73 / (37.73 + 4.55) = 0.8924
Weight Cost Debt = 100% - 0.8924 = 0.1076
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 = -0.6519
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 3 + -0.6519 * 5.94 + 0 = -0.0087
WACC = (0.4037 / 4.55) * (100% - 0.8924) * (1 - 0.21) + -0.0087 + 0.8924 = 6.94
Terminal Value = Discount (1.47 * (1 + -1.98) / (6.94 - -1.98)) = -0.5008
Company Value = ∑ (1.47 / (1 + 6.94) ^ 5) = 1.29
Price = (Terminal Value + Company Value) / Count shares = (-0.5008 + 1.29) / 200580000 = 3.91