NSE: GODREJPROP - Godrej Properties 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 = 26.08
CAGR EPS = 19.48%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 26.08 * (1 + 19.48%) / (0.0433 * 2) = 359.84

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 Ebitda(5) * (1 + Ebitda Yield) / (WACC - Ebitda Yield)
Company Value = ∑ (Discount Ebitda / (1 + WACC) ^ 5)
Discount Ebitda(5) = 0.0085
Ebitda Yield = -1.37
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 = 1.52
Debt = 106.79
Market Cap = 458.3
Weight Debt = Market Cap / (Market Cap + Debt) = 458.3 / (458.3 + 106.79) = 0.811
Weight Cost Debt = 100% - 0.811 = 0.189
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 = 3.58
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 3 + 3.58 * 5.94 + 0 = 0.2429
WACC = (1.52 / 106.79) * (100% - 0.811) * (1 - 0.21) + 0.2429 + 0.811 = 1.31
Terminal Value = Discount (0.0085 * (1 + -1.37) / (1.31 - -1.37)) = -0.0021
Company Value = ∑ (0.0085 / (1 + 1.31) ^ 5) = 0.3199
Price = (Terminal Value + Company Value) / Count shares = (-0.0021 + 0.3199) / 278080000 = 1.14

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) = -49.93
FCF Yield = 0.2919
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 = 1.52
Debt = 106.79
Market Cap = 458.3
Weight Debt = Market Cap / (Market Cap + Debt) = 458.3 / (458.3 + 106.79) = 0.811
Weight Cost Debt = 100% - 0.811 = 0.189
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 = 3.58
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 3 + 3.58 * 5.94 + 0 = 0.2429
WACC = (1.52 / 106.79) * (100% - 0.811) * (1 - 0.21) + 0.2429 + 0.811 = 1.31
Terminal Value = Discount (-49.93 * (1 + 0.2919) / (1.31 - 0.2919)) = -216.83
Company Value = ∑ (-49.93 / (1 + 1.31) ^ 5) = -152.5
Price = (Terminal Value + Company Value) / Count shares = (-216.83 + -152.5) / 278080000 = -1328.15