NSE: INDUSTOWER - Indus Towers 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 = 22.4
CAGR EPS = 4.66%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 22.4 * (1 + 4.66%) / (0.0433 * 2) = 270.75

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) = 413.1
Ebitda Yield = 0.2075
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 = 18.12
Debt = 205.31
Market Cap = 456.79
Weight Debt = Market Cap / (Market Cap + Debt) = 456.79 / (456.79 + 205.31) = 0.6899
Weight Cost Debt = 100% - 0.6899 = 0.3101
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 = 0.5011
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + 0.5011 * 5.94 + 0 = 0.058
WACC = (18.12 / 205.31) * (100% - 0.6899) * (1 - 0.21) + 0.058 + 0.6899 = 6.96
Terminal Value = Discount (413.1 * (1 + 0.2075) / (6.96 - 0.2075)) = 2584.66
Company Value = ∑ (413.1 / (1 + 6.96) ^ 5) = 1174.67
Price = (Terminal Value + Company Value) / Count shares = (2584.66 + 1174.67) / 2694400000 = 1395.24

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) = 41.73
FCF Yield = 0.0968
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 = 18.12
Debt = 205.31
Market Cap = 456.79
Weight Debt = Market Cap / (Market Cap + Debt) = 456.79 / (456.79 + 205.31) = 0.6899
Weight Cost Debt = 100% - 0.6899 = 0.3101
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 = 0.5011
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + 0.5011 * 5.94 + 0 = 0.058
WACC = (18.12 / 205.31) * (100% - 0.6899) * (1 - 0.21) + 0.058 + 0.6899 = 6.96
Terminal Value = Discount (41.73 * (1 + 0.0968) / (6.96 - 0.0968)) = 1203.93
Company Value = ∑ (41.73 / (1 + 6.96) ^ 5) = 141.82
Price = (Terminal Value + Company Value) / Count shares = (1203.93 + 141.82) / 2694400000 = 499.46