NSE: NUVOCO - Nuvoco Vistas 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 = 4.13
CAGR EPS = -10.81%
Key Rate = 0.0458
Excess Key Rate = 2
Price = 4.13 * (1 + -10.81%) / (0.0458 * 2) = 40.18

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) = 19.03
Ebitda Yield = 0.0319
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 = 5.33
Debt = 44.04
Market Cap = 126.43
Weight Debt = Market Cap / (Market Cap + Debt) = 126.43 / (126.43 + 44.04) = 0.7417
Weight Cost Debt = 100% - 0.7417 = 0.2583
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 = 0.4513
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.75 + 0.4513 * 5.94 + 0 = 0.0543
WACC = (5.33 / 44.04) * (100% - 0.7417) * (1 - 0.21) + 0.0543 + 0.7417 = 9.52
Terminal Value = Discount (19.03 * (1 + 0.0319) / (9.52 - 0.0319)) = 196.86
Company Value = ∑ (19.03 / (1 + 9.52) ^ 5) = 68.26
Price = (Terminal Value + Company Value) / Count shares = (196.86 + 68.26) / 357160000 = 742.31

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) = 19.33
FCF Yield = 0.1384
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 = 5.33
Debt = 44.04
Market Cap = 126.43
Weight Debt = Market Cap / (Market Cap + Debt) = 126.43 / (126.43 + 44.04) = 0.7417
Weight Cost Debt = 100% - 0.7417 = 0.2583
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 = 0.4513
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.75 + 0.4513 * 5.94 + 0 = 0.0543
WACC = (5.33 / 44.04) * (100% - 0.7417) * (1 - 0.21) + 0.0543 + 0.7417 = 9.52
Terminal Value = Discount (19.33 * (1 + 0.1384) / (9.52 - 0.1384)) = 323.5
Company Value = ∑ (19.33 / (1 + 9.52) ^ 5) = 56.86
Price = (Terminal Value + Company Value) / Count shares = (323.5 + 56.86) / 357160000 = 1064.96