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 = 0.0433
Excess Key Rate = 2
Price = 57.3 * (1 + 24.13%) / (0.0433 * 2) = 821.3

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) = 4.4
Ebitda Yield = 0.124
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 = 0.027
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) = 3
β = 4.01
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 3 + 4.01 * 5.94 + 0 = 0.2683
WACC = (0.027 / 0.1807) * (100% - 0.997) * (1 - 0.21) + 0.2683 + 0.997 = 11.96
Terminal Value = Discount (4.4 * (1 + 0.124) / (11.96 - 0.124)) = 635.63
Company Value = ∑ (4.4 / (1 + 11.96) ^ 5) = 12.4
Price = (Terminal Value + Company Value) / Count shares = (635.63 + 12.4) / 27230000 = 23798.35

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) = 1.66
FCF Yield = -0.001
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 = 0.027
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) = 3
β = 4.01
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 3 + 4.01 * 5.94 + 0 = 0.2683
WACC = (0.027 / 0.1807) * (100% - 0.997) * (1 - 0.21) + 0.2683 + 0.997 = 11.96
Terminal Value = Discount (1.66 * (1 + -0.001) / (11.96 - -0.001)) = 7.81
Company Value = ∑ (1.66 / (1 + 11.96) ^ 5) = 6
Price = (Terminal Value + Company Value) / Count shares = (7.81 + 6) / 27230000 = 506.91