NSE: HDFC - Housing Development Finance Corporation 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 = 142.6
CAGR EPS = 20.36%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 142.6 * (1 + 20.36%) / (0.0433 * 2) = 1981.89

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) = 872.59
Ebitda Yield = 0.051
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 = 368.45
Debt = 5822.65
Market Cap = 5090
Weight Debt = Market Cap / (Market Cap + Debt) = 5090 / (5090 + 5822.65) = 0.4664
Weight Cost Debt = 100% - 0.4664 = 0.5336
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) = 2.82
β = -0.0035
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + -0.0035 * 5.94 + 0 = 0.028
WACC = (368.45 / 5822.65) * (100% - 0.4664) * (1 - 0.21) + 0.028 + 0.4664 = 4.99
Terminal Value = Discount (872.59 * (1 + 0.051) / (4.99 - 0.051)) = 626000.39
Company Value = ∑ (872.59 / (1 + 4.99) ^ 5) = 3412.86
Price = (Terminal Value + Company Value) / Count shares = (626000.39 + 3412.86) / 1834560000 = 343086.76

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) = -503.09
FCF Yield = 0.0109
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 = 368.45
Debt = 5822.65
Market Cap = 5090
Weight Debt = Market Cap / (Market Cap + Debt) = 5090 / (5090 + 5822.65) = 0.4664
Weight Cost Debt = 100% - 0.4664 = 0.5336
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) = 2.82
β = -0.0035
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + -0.0035 * 5.94 + 0 = 0.028
WACC = (368.45 / 5822.65) * (100% - 0.4664) * (1 - 0.21) + 0.028 + 0.4664 = 4.99
Terminal Value = Discount (-503.09 * (1 + 0.0109) / (4.99 - 0.0109)) = -10239.21
Company Value = ∑ (-503.09 / (1 + 4.99) ^ 5) = -2129.86
Price = (Terminal Value + Company Value) / Count shares = (-10239.21 + -2129.86) / 1834560000 = -6742.26