NSE: GODREJIND - Godrej Industries 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 = 1.78
CAGR EPS = -36.48%
Key Rate = 0.0458
Excess Key Rate = 2
Price = 1.78 * (1 + -36.48%) / (0.0458 * 2) = 12.34

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) = 11.12
Ebitda Yield = -0.0223
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 = 13.52
Debt = 288.68
Market Cap = 161.86
Weight Debt = Market Cap / (Market Cap + Debt) = 161.86 / (161.86 + 288.68) = 0.3593
Weight Cost Debt = 100% - 0.3593 = 0.6407
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 = 4.36
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.75 + 4.36 * 5.94 + 0 = 0.2862
WACC = (13.52 / 288.68) * (100% - 0.3593) * (1 - 0.21) + 0.2862 + 0.3593 = 3.79
Terminal Value = Discount (11.12 * (1 + -0.0223) / (3.79 - -0.0223)) = 150.04
Company Value = ∑ (11.12 / (1 + 3.79) ^ 5) = 52.21
Price = (Terminal Value + Company Value) / Count shares = (150.04 + 52.21) / 336740000 = 600.6

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) = 20684.68
FCF Yield = -4.1
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 = 13.52
Debt = 288.68
Market Cap = 161.86
Weight Debt = Market Cap / (Market Cap + Debt) = 161.86 / (161.86 + 288.68) = 0.3593
Weight Cost Debt = 100% - 0.3593 = 0.6407
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 = 4.36
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.75 + 4.36 * 5.94 + 0 = 0.2862
WACC = (13.52 / 288.68) * (100% - 0.3593) * (1 - 0.21) + 0.2862 + 0.3593 = 3.79
Terminal Value = Discount (20684.68 * (1 + -4.1) / (3.79 - -4.1)) = -12866.48
Company Value = ∑ (20684.68 / (1 + 3.79) ^ 5) = 12920.57
Price = (Terminal Value + Company Value) / Count shares = (-12866.48 + 12920.57) / 336740000 = 160.62