NSE: JETAIRWAYS - Jet Airways (India) 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 = -88.21
CAGR EPS = 9.16%
Key Rate = 0.0458
Excess Key Rate = 2
Price = 49.6 + (49.6 * 9.16% / 100) = 54.14

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 Ebitda(5) * (1 + Ebitda Yield) / (WACC - Ebitda Yield)
Company Value = ∑ (Discount Ebitda / (1 + WACC) ^ 5)
Discount Ebitda(5) = -2.74
Ebitda Yield = -0.2013
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 = 0.0428
Debt = 35.61
Market Cap = 5.65
Weight Debt = Market Cap / (Market Cap + Debt) = 5.65 / (5.65 + 35.61) = 0.1369
Weight Cost Debt = 100% - 0.1369 = 0.8631
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 = -0.523
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.75 + -0.523 * 5.94 + 0 = -0.0036
WACC = (0.0428 / 35.61) * (100% - 0.1369) * (1 - 0.21) + -0.0036 + 0.1369 = 0.0943
Terminal Value = Discount (-2.74 * (1 + -0.2013) / (0.0943 - -0.2013)) = -10.76
Company Value = ∑ (-2.74 / (1 + 0.0943) ^ 5) = -22.5
Price = (Terminal Value + Company Value) / Count shares = (-10.76 + -22.5) / 113600000 = -292.73

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) = 0.0029
FCF Yield = -0.5077
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 = 0.0428
Debt = 35.61
Market Cap = 5.65
Weight Debt = Market Cap / (Market Cap + Debt) = 5.65 / (5.65 + 35.61) = 0.1369
Weight Cost Debt = 100% - 0.1369 = 0.8631
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 = -0.523
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.75 + -0.523 * 5.94 + 0 = -0.0036
WACC = (0.0428 / 35.61) * (100% - 0.1369) * (1 - 0.21) + -0.0036 + 0.1369 = 0.0943
Terminal Value = Discount (0.0029 * (1 + -0.5077) / (0.0943 - -0.5077)) = 0.0028
Company Value = ∑ (0.0029 / (1 + 0.0943) ^ 5) = 0.0946
Price = (Terminal Value + Company Value) / Count shares = (0.0028 + 0.0946) / 113600000 = 0.8579