BSE: SHILPAMED - Shilpa Medicare 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 = 3.67
CAGR EPS = -28.13%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 3.67 * (1 + -28.13%) / (0.0433 * 2) = 30.47

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) = 0.8138
Ebitda Yield = -0.0682
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 = 0.9181
Debt = 9.36
Market Cap = 21.68
Weight Debt = Market Cap / (Market Cap + Debt) = 21.68 / (21.68 + 9.36) = 0.6985
Weight Cost Debt = 100% - 0.6985 = 0.3015
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 = 1.55
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.89 + 1.55 * 5.94 + 0 = 0.1211
WACC = (0.9181 / 9.36) * (100% - 0.6985) * (1 - 0.21) + 0.1211 + 0.6985 = 7.78
Terminal Value = Discount (0.8138 * (1 + -0.0682) / (7.78 - -0.0682)) = 3.57
Company Value = ∑ (0.8138 / (1 + 7.78) ^ 5) = 3.82
Price = (Terminal Value + Company Value) / Count shares = (3.57 + 3.82) / 86800000 = 85.16

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) = -0.1515
FCF Yield = -0.21
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 = 0.9181
Debt = 9.36
Market Cap = 21.68
Weight Debt = Market Cap / (Market Cap + Debt) = 21.68 / (21.68 + 9.36) = 0.6985
Weight Cost Debt = 100% - 0.6985 = 0.3015
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 = 1.55
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.89 + 1.55 * 5.94 + 0 = 0.1211
WACC = (0.9181 / 9.36) * (100% - 0.6985) * (1 - 0.21) + 0.1211 + 0.6985 = 7.78
Terminal Value = Discount (-0.1515 * (1 + -0.21) / (7.78 - -0.21)) = -0.2859
Company Value = ∑ (-0.1515 / (1 + 7.78) ^ 5) = -1.07
Price = (Terminal Value + Company Value) / Count shares = (-0.2859 + -1.07) / 86800000 = -15.57