NSE: SFL - Sheela Foam 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 = 17.66
CAGR EPS = -2.29%
Key Rate = 0.0458
Excess Key Rate = 2
Price = 17.66 * (1 + -2.29%) / (0.0458 * 2) = 188.34

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) = 5.67
Ebitda Yield = 0.0532
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 = 0.678
Debt = 14.93
Market Cap = 116.56
Weight Debt = Market Cap / (Market Cap + Debt) = 116.56 / (116.56 + 14.93) = 0.8864
Weight Cost Debt = 100% - 0.8864 = 0.1136
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 = -0.4702
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.75 + -0.4702 * 5.94 + 0 = -0.000431
WACC = (0.678 / 14.93) * (100% - 0.8864) * (1 - 0.21) + -0.000431 + 0.8864 = 3.56
Terminal Value = Discount (5.67 * (1 + 0.0532) / (3.56 - 0.0532)) = 284.5
Company Value = ∑ (5.67 / (1 + 3.56) ^ 5) = 23.03
Price = (Terminal Value + Company Value) / Count shares = (284.5 + 23.03) / 97570000 = 3151.86

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) = -1000.54
FCF Yield = 1.2
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 = 0.678
Debt = 14.93
Market Cap = 116.56
Weight Debt = Market Cap / (Market Cap + Debt) = 116.56 / (116.56 + 14.93) = 0.8864
Weight Cost Debt = 100% - 0.8864 = 0.1136
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 = -0.4702
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.75 + -0.4702 * 5.94 + 0 = -0.000431
WACC = (0.678 / 14.93) * (100% - 0.8864) * (1 - 0.21) + -0.000431 + 0.8864 = 3.56
Terminal Value = Discount (-1000.54 * (1 + 1.2) / (3.56 - 1.2)) = -1587.55
Company Value = ∑ (-1000.54 / (1 + 3.56) ^ 5) = -1550.84
Price = (Terminal Value + Company Value) / Count shares = (-1587.55 + -1550.84) / 97570000 = -32165.48