NSE: FUSION - Fusion Micro Finance 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 = 5280.08
CAGR EPS = 56.3%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 403.6 + (403.6 * 56.3% / 100) = 630.82

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) = 3157.15
Ebitda Yield = 0.348
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 = 1.04
Debt = 9078.55
Market Cap = 54.68
Weight Debt = Market Cap / (Market Cap + Debt) = 54.68 / (54.68 + 9078.55) = 0.006
Weight Cost Debt = 100% - 0.006 = 0.994
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 = 6.27
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 3 + 6.27 * 5.94 + 0 = 0.4026
WACC = (1.04 / 9078.55) * (100% - 0.006) * (1 - 0.21) + 0.4026 + 0.006 = 0.0115
Terminal Value = Discount (3157.15 * (1 + 0.348) / (0.0115 - 0.348)) = 12227.27
Company Value = ∑ (3157.15 / (1 + 0.0115) ^ 5) = 9478.24
Price = (Terminal Value + Company Value) / Count shares = (12227.27 + 9478.24) / 100840000 = 215247.02

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) = -2884.69
FCF Yield = 0.1486
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 = 1.04
Debt = 9078.55
Market Cap = 54.68
Weight Debt = Market Cap / (Market Cap + Debt) = 54.68 / (54.68 + 9078.55) = 0.006
Weight Cost Debt = 100% - 0.006 = 0.994
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 = 6.27
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 3 + 6.27 * 5.94 + 0 = 0.4026
WACC = (1.04 / 9078.55) * (100% - 0.006) * (1 - 0.21) + 0.4026 + 0.006 = 0.0115
Terminal Value = Discount (-2884.69 * (1 + 0.1486) / (0.0115 - 0.1486)) = -22306.93
Company Value = ∑ (-2884.69 / (1 + 0.0115) ^ 5) = -11140.3
Price = (Terminal Value + Company Value) / Count shares = (-22306.93 + -11140.3) / 100840000 = -331686.1