NSE: DMART - Avenue Supermarts 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 = 38.93
CAGR EPS = 12.74%
Key Rate = 0.0458
Excess Key Rate = 2
Price = 38.93 * (1 + 12.74%) / (0.0458 * 2) = 479.16

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) = 68.64
Ebitda Yield = 0.1083
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 = 0.5813
Debt = 5.92
Market Cap = 2300
Weight Debt = Market Cap / (Market Cap + Debt) = 2300 / (2300 + 5.92) = 0.9974
Weight Cost Debt = 100% - 0.9974 = 0.0026
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 = 2.96
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.6 + 2.96 * 5.94 + 0 = 0.202
WACC = (0.5813 / 5.92) * (100% - 0.9974) * (1 - 0.21) + 0.202 + 0.9974 = 7.88
Terminal Value = Discount (68.64 * (1 + 0.1083) / (7.88 - 0.1083)) = 1761.54
Company Value = ∑ (68.64 / (1 + 7.88) ^ 5) = 222.68
Price = (Terminal Value + Company Value) / Count shares = (1761.54 + 222.68) / 651760000 = 3044.41

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) = 6.08
FCF Yield = 0.1713
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 = 0.5813
Debt = 5.92
Market Cap = 2300
Weight Debt = Market Cap / (Market Cap + Debt) = 2300 / (2300 + 5.92) = 0.9974
Weight Cost Debt = 100% - 0.9974 = 0.0026
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 = 2.96
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.6 + 2.96 * 5.94 + 0 = 0.202
WACC = (0.5813 / 5.92) * (100% - 0.9974) * (1 - 0.21) + 0.202 + 0.9974 = 7.88
Terminal Value = Discount (6.08 * (1 + 0.1713) / (7.88 - 0.1713)) = 52.68
Company Value = ∑ (6.08 / (1 + 7.88) ^ 5) = 17.77
Price = (Terminal Value + Company Value) / Count shares = (52.68 + 17.77) / 651760000 = 108.09