NSE: STEELXIND - Steel Exchange 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 = 0.09
CAGR EPS = -36.12%
Key Rate = 0.0458
Excess Key Rate = 2
Price = 0.09 * (1 + -36.12%) / (0.0458 * 2) = 0.6276

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) = 1.03
Ebitda Yield = 0.0139
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 = 0.7787
Debt = 3.82
Market Cap = 16.64
Weight Debt = Market Cap / (Market Cap + Debt) = 16.64 / (16.64 + 3.82) = 0.8131
Weight Cost Debt = 100% - 0.8131 = 0.1869
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 = -0.2178
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.75 + -0.2178 * 5.94 + 0 = 0.0146
WACC = (0.7787 / 3.82) * (100% - 0.8131) * (1 - 0.21) + 0.0146 + 0.8131 = 15.96
Terminal Value = Discount (1.03 * (1 + 0.0139) / (15.96 - 0.0139)) = 3.42
Company Value = ∑ (1.03 / (1 + 15.96) ^ 5) = 3.28
Price = (Terminal Value + Company Value) / Count shares = (3.42 + 3.28) / 826340000 = 8.11

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) = 1.08
FCF Yield = -1.91
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 = 0.7787
Debt = 3.82
Market Cap = 16.64
Weight Debt = Market Cap / (Market Cap + Debt) = 16.64 / (16.64 + 3.82) = 0.8131
Weight Cost Debt = 100% - 0.8131 = 0.1869
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 = -0.2178
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.75 + -0.2178 * 5.94 + 0 = 0.0146
WACC = (0.7787 / 3.82) * (100% - 0.8131) * (1 - 0.21) + 0.0146 + 0.8131 = 15.96
Terminal Value = Discount (1.08 * (1 + -1.91) / (15.96 - -1.91)) = -0.2272
Company Value = ∑ (1.08 / (1 + 15.96) ^ 5) = 0.9967
Price = (Terminal Value + Company Value) / Count shares = (-0.2272 + 0.9967) / 826340000 = 0.9312