NSE: TTML - Tata Teleservices (Maharashtra) 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 = -6.28
CAGR EPS = 8.66%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 76.51 + (76.51 * 8.66% / 100) = 83.14

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) = 10.56
Ebitda Yield = 0.1422
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 = 16.21
Debt = 200.47
Market Cap = 161.05
Weight Debt = Market Cap / (Market Cap + Debt) = 161.05 / (161.05 + 200.47) = 0.4455
Weight Cost Debt = 100% - 0.4455 = 0.5545
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) = 3
β = 1.26
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 3 + 1.26 * 5.94 + 0 = 0.1046
WACC = (16.21 / 200.47) * (100% - 0.4455) * (1 - 0.21) + 0.1046 + 0.4455 = 6.41
Terminal Value = Discount (10.56 * (1 + 0.1422) / (6.41 - 0.1422)) = 113.19
Company Value = ∑ (10.56 / (1 + 6.41) ^ 5) = 33.75
Price = (Terminal Value + Company Value) / Count shares = (113.19 + 33.75) / 1954930000 = 75.16

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) = 11.76
FCF Yield = 0.1977
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 = 16.21
Debt = 200.47
Market Cap = 161.05
Weight Debt = Market Cap / (Market Cap + Debt) = 161.05 / (161.05 + 200.47) = 0.4455
Weight Cost Debt = 100% - 0.4455 = 0.5545
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) = 3
β = 1.26
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 3 + 1.26 * 5.94 + 0 = 0.1046
WACC = (16.21 / 200.47) * (100% - 0.4455) * (1 - 0.21) + 0.1046 + 0.4455 = 6.41
Terminal Value = Discount (11.76 * (1 + 0.1977) / (6.41 - 0.1977)) = 77.3
Company Value = ∑ (11.76 / (1 + 6.41) ^ 5) = 34.51
Price = (Terminal Value + Company Value) / Count shares = (77.3 + 34.51) / 1954930000 = 57.19