NSE: FUSION - Fusion Micro Finance 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 = 27.15
CAGR EPS = -45.53%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 27.15 * (1 + -45.53%) / (0.0433 * 2) = 170.78

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) = 0.2841
Ebitda Yield = -0.3999
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 = 0.0054
Debt = 46.69
Market Cap = 54.68
Weight Debt = Market Cap / (Market Cap + Debt) = 54.68 / (54.68 + 46.69) = 0.5394
Weight Cost Debt = 100% - 0.5394 = 0.4606
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 = 3.2
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.75 + 3.2 * 5.94 + 0 = 0.2178
WACC = (0.0054 / 46.69) * (100% - 0.5394) * (1 - 0.21) + 0.2178 + 0.5394 = 0.1266
Terminal Value = Discount (0.2841 * (1 + -0.3999) / (0.1266 - -0.3999)) = 0.4224
Company Value = ∑ (0.2841 / (1 + 0.1266) ^ 5) = 5.04
Price = (Terminal Value + Company Value) / Count shares = (0.4224 + 5.04) / 89760000 = 60.84

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) = -0.312
FCF Yield = -0.4694
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 = 0.0054
Debt = 46.69
Market Cap = 54.68
Weight Debt = Market Cap / (Market Cap + Debt) = 54.68 / (54.68 + 46.69) = 0.5394
Weight Cost Debt = 100% - 0.5394 = 0.4606
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 = 3.2
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.75 + 3.2 * 5.94 + 0 = 0.2178
WACC = (0.0054 / 46.69) * (100% - 0.5394) * (1 - 0.21) + 0.2178 + 0.5394 = 0.1266
Terminal Value = Discount (-0.312 * (1 + -0.4694) / (0.1266 - -0.4694)) = -0.3495
Company Value = ∑ (-0.312 / (1 + 0.1266) ^ 5) = -8.01
Price = (Terminal Value + Company Value) / Count shares = (-0.3495 + -8.01) / 89760000 = -93.18