NSE: KECL - Kirloskar Electric Company 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 = 2.14
CAGR EPS = -37.17%
Key Rate = 0.0458
Excess Key Rate = 2
Price = 2.14 * (1 + -37.17%) / (0.0458 * 2) = 14.71

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) = 1.51
Ebitda Yield = 0.3263
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 = 0.2565
Debt = 1.26
Market Cap = 8.05
Weight Debt = Market Cap / (Market Cap + Debt) = 8.05 / (8.05 + 1.26) = 0.8642
Weight Cost Debt = 100% - 0.8642 = 0.1358
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 = 0.2948
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.75 + 0.2948 * 5.94 + 0 = 0.045
WACC = (0.2565 / 1.26) * (100% - 0.8642) * (1 - 0.21) + 0.045 + 0.8642 = 15.92
Terminal Value = Discount (1.51 * (1 + 0.3263) / (15.92 - 0.3263)) = 5.72
Company Value = ∑ (1.51 / (1 + 15.92) ^ 5) = 2.8
Price = (Terminal Value + Company Value) / Count shares = (5.72 + 2.8) / 66410000 = 128.35

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) = 0.0514
FCF Yield = -0.1512
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 = 0.2565
Debt = 1.26
Market Cap = 8.05
Weight Debt = Market Cap / (Market Cap + Debt) = 8.05 / (8.05 + 1.26) = 0.8642
Weight Cost Debt = 100% - 0.8642 = 0.1358
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 = 0.2948
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.75 + 0.2948 * 5.94 + 0 = 0.045
WACC = (0.2565 / 1.26) * (100% - 0.8642) * (1 - 0.21) + 0.045 + 0.8642 = 15.92
Terminal Value = Discount (0.0514 * (1 + -0.1512) / (15.92 - -0.1512)) = 0.0671
Company Value = ∑ (0.0514 / (1 + 15.92) ^ 5) = 0.2518
Price = (Terminal Value + Company Value) / Count shares = (0.0671 + 0.2518) / 66410000 = 4.8