NSE: RUSTOMJEE - Keystone Realtors 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 = 5.31
CAGR EPS = 33.12%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 5.31 * (1 + 33.12%) / (0.0433 * 2) = 81.63

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) = 0.7248
Ebitda Yield = -0.0697
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 = 0.2167
Debt = 5.95
Market Cap = 62.56
Weight Debt = Market Cap / (Market Cap + Debt) = 62.56 / (62.56 + 5.95) = 0.9132
Weight Cost Debt = 100% - 0.9132 = 0.0868
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 = 1.14
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 3 + 1.14 * 5.94 + 0 = 0.0978
WACC = (0.2167 / 5.95) * (100% - 0.9132) * (1 - 0.21) + 0.0978 + 0.9132 = 2.94
Terminal Value = Discount (0.7248 * (1 + -0.0697) / (2.94 - -0.0697)) = 5.89
Company Value = ∑ (0.7248 / (1 + 2.94) ^ 5) = 3.88
Price = (Terminal Value + Company Value) / Count shares = (5.89 + 3.88) / 114270000 = 85.48

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) = 0.3561
FCF Yield = -0.1811
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 = 0.2167
Debt = 5.95
Market Cap = 62.56
Weight Debt = Market Cap / (Market Cap + Debt) = 62.56 / (62.56 + 5.95) = 0.9132
Weight Cost Debt = 100% - 0.9132 = 0.0868
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 = 1.14
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 3 + 1.14 * 5.94 + 0 = 0.0978
WACC = (0.2167 / 5.95) * (100% - 0.9132) * (1 - 0.21) + 0.0978 + 0.9132 = 2.94
Terminal Value = Discount (0.3561 * (1 + -0.1811) / (2.94 - -0.1811)) = 1.2
Company Value = ∑ (0.3561 / (1 + 2.94) ^ 5) = 2.56
Price = (Terminal Value + Company Value) / Count shares = (1.2 + 2.56) / 114270000 = 32.92