NSE: GMRINFRA - GMR Airports Infrastructure 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 = -0.9266
CAGR EPS = 8.66%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 80.17 + (80.17 * 8.66% / 100) = 87.11

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) = 43
Ebitda Yield = 0.0401
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 = 29.29
Debt = 359.05
Market Cap = 281.03
Weight Debt = Market Cap / (Market Cap + Debt) = 281.03 / (281.03 + 359.05) = 0.4391
Weight Cost Debt = 100% - 0.4391 = 0.5609
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) = 2.89
β = 3.06
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.89 + 3.06 * 5.94 + 0 = 0.2108
WACC = (29.29 / 359.05) * (100% - 0.4391) * (1 - 0.21) + 0.2108 + 0.4391 = 6.51
Terminal Value = Discount (43 * (1 + 0.0401) / (6.51 - 0.0401)) = 1303.8
Company Value = ∑ (43 / (1 + 6.51) ^ 5) = 164.59
Price = (Terminal Value + Company Value) / Count shares = (1303.8 + 164.59) / 6035950000 = 243.27

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) = -3.26
FCF Yield = -0.1276
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 = 29.29
Debt = 359.05
Market Cap = 281.03
Weight Debt = Market Cap / (Market Cap + Debt) = 281.03 / (281.03 + 359.05) = 0.4391
Weight Cost Debt = 100% - 0.4391 = 0.5609
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) = 2.89
β = 3.06
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.89 + 3.06 * 5.94 + 0 = 0.2108
WACC = (29.29 / 359.05) * (100% - 0.4391) * (1 - 0.21) + 0.2108 + 0.4391 = 6.51
Terminal Value = Discount (-3.26 * (1 + -0.1276) / (6.51 - -0.1276)) = -10.76
Company Value = ∑ (-3.26 / (1 + 6.51) ^ 5) = -18.42
Price = (Terminal Value + Company Value) / Count shares = (-10.76 + -18.42) / 6035950000 = -4.83