NSE: TEJASNET - Tejas Networks 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 = 3.65
CAGR EPS = 16.45%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 3.65 * (1 + 16.45%) / (0.0433 * 2) = 49.1

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) = 71.47
Ebitda Yield = 0.8777
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 = 0.4628
Debt = 18.84
Market Cap = 132.4
Weight Debt = Market Cap / (Market Cap + Debt) = 132.4 / (132.4 + 18.84) = 0.8754
Weight Cost Debt = 100% - 0.8754 = 0.1246
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) = 2.39
β = -0.2878
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.39 + -0.2878 * 5.94 + 0 = 0.0068
WACC = (0.4628 / 18.84) * (100% - 0.8754) * (1 - 0.21) + 0.0068 + 0.8754 = 1.93
Terminal Value = Discount (71.47 * (1 + 0.8777) / (1.93 - 0.8777)) = 142.1
Company Value = ∑ (71.47 / (1 + 1.93) ^ 5) = 135.4
Price = (Terminal Value + Company Value) / Count shares = (142.1 + 135.4) / 172500000 = 1608.65

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) = -391.2
FCF Yield = 0.7411
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 = 0.4628
Debt = 18.84
Market Cap = 132.4
Weight Debt = Market Cap / (Market Cap + Debt) = 132.4 / (132.4 + 18.84) = 0.8754
Weight Cost Debt = 100% - 0.8754 = 0.1246
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) = 2.39
β = -0.2878
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.39 + -0.2878 * 5.94 + 0 = 0.0068
WACC = (0.4628 / 18.84) * (100% - 0.8754) * (1 - 0.21) + 0.0068 + 0.8754 = 1.93
Terminal Value = Discount (-391.2 * (1 + 0.7411) / (1.93 - 0.7411)) = -857.64
Company Value = ∑ (-391.2 / (1 + 1.93) ^ 5) = -798.66
Price = (Terminal Value + Company Value) / Count shares = (-857.64 + -798.66) / 172500000 = -9601.72