NSE: SAPPHIRE - Sapphire Foods India 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 = 1.64
CAGR EPS = 15.61%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 1.64 * (1 + 15.61%) / (0.0433 * 2) = 21.91

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) = 17.8
Ebitda Yield = 0.2919
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 = 1.01
Debt = 11.64
Market Cap = 86.2
Weight Debt = Market Cap / (Market Cap + Debt) = 86.2 / (86.2 + 11.64) = 0.881
Weight Cost Debt = 100% - 0.881 = 0.119
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) = 2.82
β = -0.1696
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + -0.1696 * 5.94 + 0 = 0.0181
WACC = (1.01 / 11.64) * (100% - 0.881) * (1 - 0.21) + 0.0181 + 0.881 = 6.8
Terminal Value = Discount (17.8 * (1 + 0.2919) / (6.8 - 0.2919)) = 73.93
Company Value = ∑ (17.8 / (1 + 6.8) ^ 5) = 45.37
Price = (Terminal Value + Company Value) / Count shares = (73.93 + 45.37) / 321760000 = 370.78

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) = 0.589
FCF Yield = -0.0153
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 = 1.01
Debt = 11.64
Market Cap = 86.2
Weight Debt = Market Cap / (Market Cap + Debt) = 86.2 / (86.2 + 11.64) = 0.881
Weight Cost Debt = 100% - 0.881 = 0.119
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) = 2.82
β = -0.1696
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + -0.1696 * 5.94 + 0 = 0.0181
WACC = (1.01 / 11.64) * (100% - 0.881) * (1 - 0.21) + 0.0181 + 0.881 = 6.8
Terminal Value = Discount (0.589 * (1 + -0.0153) / (6.8 - -0.0153)) = 5.01
Company Value = ∑ (0.589 / (1 + 6.8) ^ 5) = 2.51
Price = (Terminal Value + Company Value) / Count shares = (5.01 + 2.51) / 321760000 = 23.36