NSE: SUBEXLTD - Subex Limited

Price = Avg Price + (Avg Price * CAGR EPS% / 100)
EPS = Earning Per Share
CAGR EPS = CAGR 5 EPS
Key Rate — Nøkkelrente
Excess Key Rate — Ønsket overskridelse av styringsrenten
EPS = -3.47
CAGR EPS = 9.16%
Key Rate = 0.0458
Excess Key Rate = 2
Price = 30.03 + (30.03 * 9.16% / 100) = 32.78

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 Ebitda(5) * (1 + Ebitda Yield) / (WACC - Ebitda Yield)
Company Value = ∑ (Discount Ebitda / (1 + WACC) ^ 5)
Discount Ebitda(5) = -0.0222
Ebitda Yield = -0.3236
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 = 0.0263
Debt = 0.2816
Market Cap = 15.72
Weight Debt = Market Cap / (Market Cap + Debt) = 15.72 / (15.72 + 0.2816) = 0.9824
Weight Cost Debt = 100% - 0.9824 = 0.0176
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 = -0.1733
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.75 + -0.1733 * 5.94 + 0 = 0.0172
WACC = (0.0263 / 0.2816) * (100% - 0.9824) * (1 - 0.21) + 0.0172 + 0.9824 = 7.32
Terminal Value = Discount (-0.0222 * (1 + -0.3236) / (7.32 - -0.3236)) = -0.0265
Company Value = ∑ (-0.0222 / (1 + 7.32) ^ 5) = -0.2404
Price = (Terminal Value + Company Value) / Count shares = (-0.0265 + -0.2404) / 550100000 = -0.4852

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) = 0.000341
FCF Yield = -1.33
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 = 0.0263
Debt = 0.2816
Market Cap = 15.72
Weight Debt = Market Cap / (Market Cap + Debt) = 15.72 / (15.72 + 0.2816) = 0.9824
Weight Cost Debt = 100% - 0.9824 = 0.0176
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 = -0.1733
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.75 + -0.1733 * 5.94 + 0 = 0.0172
WACC = (0.0263 / 0.2816) * (100% - 0.9824) * (1 - 0.21) + 0.0172 + 0.9824 = 7.32
Terminal Value = Discount (0.000341 * (1 + -1.33) / (7.32 - -1.33)) = -5.7E-5
Company Value = ∑ (0.000341 / (1 + 7.32) ^ 5) = 0.0198
Price = (Terminal Value + Company Value) / Count shares = (-5.7E-5 + 0.0198) / 550100000 = 0.0359