NSE: TEAMLEASE - TeamLease Services 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 = 66.65
CAGR EPS = 26.64%
Key Rate = 0.0458
Excess Key Rate = 2
Price = 66.65 * (1 + 26.64%) / (0.0458 * 2) = 921.45

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) = 2.2
Ebitda Yield = 0.0406
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 = 0.1023
Debt = 1.05
Market Cap = 40.8
Weight Debt = Market Cap / (Market Cap + Debt) = 40.8 / (40.8 + 1.05) = 0.975
Weight Cost Debt = 100% - 0.975 = 0.025
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 = 1.3
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.75 + 1.3 * 5.94 + 0 = 0.1049
WACC = (0.1023 / 1.05) * (100% - 0.975) * (1 - 0.21) + 0.1049 + 0.975 = 7.74
Terminal Value = Discount (2.2 * (1 + 0.0406) / (7.74 - 0.0406)) = 42.93
Company Value = ∑ (2.2 / (1 + 7.74) ^ 5) = 8.14
Price = (Terminal Value + Company Value) / Count shares = (42.93 + 8.14) / 17090000 = 2988.44

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) = 12.93
FCF Yield = 0.6492
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 = 0.1023
Debt = 1.05
Market Cap = 40.8
Weight Debt = Market Cap / (Market Cap + Debt) = 40.8 / (40.8 + 1.05) = 0.975
Weight Cost Debt = 100% - 0.975 = 0.025
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 = 1.3
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.75 + 1.3 * 5.94 + 0 = 0.1049
WACC = (0.1023 / 1.05) * (100% - 0.975) * (1 - 0.21) + 0.1049 + 0.975 = 7.74
Terminal Value = Discount (12.93 * (1 + 0.6492) / (7.74 - 0.6492)) = 25.69
Company Value = ∑ (12.93 / (1 + 7.74) ^ 5) = 22.63
Price = (Terminal Value + Company Value) / Count shares = (25.69 + 22.63) / 17090000 = 2827.22