BSE: PPLPHARMA - Piramal Pharma 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 = 0.1352
CAGR EPS = -58.81%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 0.1352 * (1 + -58.81%) / (0.0433 * 2) = 0.6431

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) = 232.37
Ebitda Yield = 0.2344
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 = 4.47
Debt = 45.59
Market Cap = 0
Weight Debt = Market Cap / (Market Cap + Debt) = 0 / (0 + 45.59) = 0
Weight Cost Debt = 100% - 0 = 1
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 = 2.22
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.39 + 2.22 * 5.94 + 0 = 0.1557
WACC = (4.47 / 45.59) * (100% - 0) * (1 - 0.21) + 0.1557 + 0 = 7.75
Terminal Value = Discount (232.37 * (1 + 0.2344) / (7.75 - 0.2344)) = 1258.31
Company Value = ∑ (232.37 / (1 + 7.75) ^ 5) = 620.9
Price = (Terminal Value + Company Value) / Count shares = (1258.31 + 620.9) / 1318020000 = 1425.79

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) = 49.57
FCF Yield = 0.7612
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 = 4.47
Debt = 45.59
Market Cap = 0
Weight Debt = Market Cap / (Market Cap + Debt) = 0 / (0 + 45.59) = 0
Weight Cost Debt = 100% - 0 = 1
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 = 2.22
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.39 + 2.22 * 5.94 + 0 = 0.1557
WACC = (4.47 / 45.59) * (100% - 0) * (1 - 0.21) + 0.1557 + 0 = 7.75
Terminal Value = Discount (49.57 * (1 + 0.7612) / (7.75 - 0.7612)) = 87.93
Company Value = ∑ (49.57 / (1 + 7.75) ^ 5) = 80.4
Price = (Terminal Value + Company Value) / Count shares = (87.93 + 80.4) / 1318020000 = 127.71