NSE: ROLEXRINGS - Rolex Rings 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 = 57.3
CAGR EPS = 24.13%
Key Rate = 0.0458
Excess Key Rate = 2
Price = 57.3 * (1 + 24.13%) / (0.0458 * 2) = 776.47

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) = 4.97
Ebitda Yield = 0.1364
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 = 0.0636
Debt = 0.1807
Market Cap = 59.22
Weight Debt = Market Cap / (Market Cap + Debt) = 59.22 / (59.22 + 0.1807) = 0.997
Weight Cost Debt = 100% - 0.997 = 0.003
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 = 0.4215
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.75 + 0.4215 * 5.94 + 0 = 0.0525
WACC = (0.0636 / 0.1807) * (100% - 0.997) * (1 - 0.21) + 0.0525 + 0.997 = 27.6
Terminal Value = Discount (4.97 * (1 + 0.1364) / (27.6 - 0.1364)) = 11.96
Company Value = ∑ (4.97 / (1 + 27.6) ^ 5) = 9.38
Price = (Terminal Value + Company Value) / Count shares = (11.96 + 9.38) / 27230000 = 783.49

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) = 1.64
FCF Yield = -0.002
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 = 0.0636
Debt = 0.1807
Market Cap = 59.22
Weight Debt = Market Cap / (Market Cap + Debt) = 59.22 / (59.22 + 0.1807) = 0.997
Weight Cost Debt = 100% - 0.997 = 0.003
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 = 0.4215
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.75 + 0.4215 * 5.94 + 0 = 0.0525
WACC = (0.0636 / 0.1807) * (100% - 0.997) * (1 - 0.21) + 0.0525 + 0.997 = 27.6
Terminal Value = Discount (1.64 * (1 + -0.002) / (27.6 - -0.002)) = 1.74
Company Value = ∑ (1.64 / (1 + 27.6) ^ 5) = 4.21
Price = (Terminal Value + Company Value) / Count shares = (1.74 + 4.21) / 27230000 = 218.44