NSE: RAJESHEXPO - Rajesh Exports 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 = 11.36
CAGR EPS = -22.57%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 11.36 * (1 + -22.57%) / (0.0433 * 2) = 101.6

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) = 2.61
Ebitda Yield = -0.1445
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 = 1.39
Debt = 6.55
Market Cap = 152.21
Weight Debt = Market Cap / (Market Cap + Debt) = 152.21 / (152.21 + 6.55) = 0.9587
Weight Cost Debt = 100% - 0.9587 = 0.0413
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) = 3
β = 3.8
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 3 + 3.8 * 5.94 + 0 = 0.2555
WACC = (1.39 / 6.55) * (100% - 0.9587) * (1 - 0.21) + 0.2555 + 0.9587 = 16.8
Terminal Value = Discount (2.61 * (1 + -0.1445) / (16.8 - -0.1445)) = 3.29
Company Value = ∑ (2.61 / (1 + 16.8) ^ 5) = 12.32
Price = (Terminal Value + Company Value) / Count shares = (3.29 + 12.32) / 295260000 = 52.86

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) = 0.4379
FCF Yield = -0.2932
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 = 1.39
Debt = 6.55
Market Cap = 152.21
Weight Debt = Market Cap / (Market Cap + Debt) = 152.21 / (152.21 + 6.55) = 0.9587
Weight Cost Debt = 100% - 0.9587 = 0.0413
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) = 3
β = 3.8
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 3 + 3.8 * 5.94 + 0 = 0.2555
WACC = (1.39 / 6.55) * (100% - 0.9587) * (1 - 0.21) + 0.2555 + 0.9587 = 16.8
Terminal Value = Discount (0.4379 * (1 + -0.2932) / (16.8 - -0.2932)) = 0.3087
Company Value = ∑ (0.4379 / (1 + 16.8) ^ 5) = 3.5
Price = (Terminal Value + Company Value) / Count shares = (0.3087 + 3.5) / 295260000 = 12.88