NSE: VIPIND - V.I.P. Industries 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 = 3.82
CAGR EPS = -13.53%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 3.82 * (1 + -13.53%) / (0.0433 * 2) = 38.15

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) = 1.74
Ebitda Yield = -0.0482
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 = 0.5901
Debt = 8.71
Market Cap = 87.34
Weight Debt = Market Cap / (Market Cap + Debt) = 87.34 / (87.34 + 8.71) = 0.9093
Weight Cost Debt = 100% - 0.9093 = 0.0907
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) = 2.82
β = 3.57
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + 3.57 * 5.94 + 0 = 0.24
WACC = (0.5901 / 8.71) * (100% - 0.9093) * (1 - 0.21) + 0.24 + 0.9093 = 5.52
Terminal Value = Discount (1.74 * (1 + -0.0482) / (5.52 - -0.0482)) = 12.23
Company Value = ∑ (1.74 / (1 + 5.52) ^ 5) = 8.25
Price = (Terminal Value + Company Value) / Count shares = (12.23 + 8.25) / 142110000 = 144.08

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) = 0.1656
FCF Yield = -1.59
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 = 0.5901
Debt = 8.71
Market Cap = 87.34
Weight Debt = Market Cap / (Market Cap + Debt) = 87.34 / (87.34 + 8.71) = 0.9093
Weight Cost Debt = 100% - 0.9093 = 0.0907
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) = 2.82
β = 3.57
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + 3.57 * 5.94 + 0 = 0.24
WACC = (0.5901 / 8.71) * (100% - 0.9093) * (1 - 0.21) + 0.24 + 0.9093 = 5.52
Terminal Value = Discount (0.1656 * (1 + -1.59) / (5.52 - -1.59)) = -0.0454
Company Value = ∑ (0.1656 / (1 + 5.52) ^ 5) = 0.8763
Price = (Terminal Value + Company Value) / Count shares = (-0.0454 + 0.8763) / 142110000 = 5.85