NSE: RAMASTEEL - Rama Steel Tubes 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 = 0.2313
CAGR EPS = 52.88%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 0.2313 * (1 + 52.88%) / (0.0433 * 2) = 4.08

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) = 2.02
Ebitda Yield = 0.262
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 = 0.2125
Debt = 1.45
Market Cap = 17.36
Weight Debt = Market Cap / (Market Cap + Debt) = 17.36 / (17.36 + 1.45) = 0.9229
Weight Cost Debt = 100% - 0.9229 = 0.0771
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) = 2.39
β = 0.979
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.39 + 0.979 * 5.94 + 0 = 0.0821
WACC = (0.2125 / 1.45) * (100% - 0.9229) * (1 - 0.21) + 0.0821 + 0.9229 = 11.54
Terminal Value = Discount (2.02 * (1 + 0.262) / (11.54 - 0.262)) = 10.07
Company Value = ∑ (2.02 / (1 + 11.54) ^ 5) = 4.64
Price = (Terminal Value + Company Value) / Count shares = (10.07 + 4.64) / 1259550000 = 11.67

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) = 0.0139
FCF Yield = -0.2126
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 = 0.2125
Debt = 1.45
Market Cap = 17.36
Weight Debt = Market Cap / (Market Cap + Debt) = 17.36 / (17.36 + 1.45) = 0.9229
Weight Cost Debt = 100% - 0.9229 = 0.0771
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) = 2.39
β = 0.979
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.39 + 0.979 * 5.94 + 0 = 0.0821
WACC = (0.2125 / 1.45) * (100% - 0.9229) * (1 - 0.21) + 0.0821 + 0.9229 = 11.54
Terminal Value = Discount (0.0139 * (1 + -0.2126) / (11.54 - -0.2126)) = 0.0194
Company Value = ∑ (0.0139 / (1 + 11.54) ^ 5) = 0.0911
Price = (Terminal Value + Company Value) / Count shares = (0.0194 + 0.0911) / 1259550000 = 0.0877