NSE: ZOMATO - Zomato 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 = 0.4009
CAGR EPS = 16.31%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 0.4009 * (1 + 16.31%) / (0.0433 * 2) = 5.38

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) = 18.13
Ebitda Yield = 0.1532
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 = 0.72
Debt = 7.49
Market Cap = 708.47
Weight Debt = Market Cap / (Market Cap + Debt) = 708.47 / (708.47 + 7.49) = 0.9895
Weight Cost Debt = 100% - 0.9895 = 0.0105
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) = 2.89
β = 2.17
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.89 + 2.17 * 5.94 + 0 = 0.158
WACC = (0.72 / 7.49) * (100% - 0.9895) * (1 - 0.21) + 0.158 + 0.9895 = 7.68
Terminal Value = Discount (18.13 * (1 + 0.1532) / (7.68 - 0.1532)) = 188.92
Company Value = ∑ (18.13 / (1 + 7.68) ^ 5) = 54.87
Price = (Terminal Value + Company Value) / Count shares = (188.92 + 54.87) / 8755250000 = 27.84

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) = 8.17
FCF Yield = 0.1366
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 = 0.72
Debt = 7.49
Market Cap = 708.47
Weight Debt = Market Cap / (Market Cap + Debt) = 708.47 / (708.47 + 7.49) = 0.9895
Weight Cost Debt = 100% - 0.9895 = 0.0105
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) = 2.89
β = 2.17
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.89 + 2.17 * 5.94 + 0 = 0.158
WACC = (0.72 / 7.49) * (100% - 0.9895) * (1 - 0.21) + 0.158 + 0.9895 = 7.68
Terminal Value = Discount (8.17 * (1 + 0.1366) / (7.68 - 0.1366)) = 107.32
Company Value = ∑ (8.17 / (1 + 7.68) ^ 5) = 25.42
Price = (Terminal Value + Company Value) / Count shares = (107.32 + 25.42) / 8755250000 = 15.16