NSE: ORCHPHARMA - Orchid 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 = 19.06
CAGR EPS = 26.92%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 19.06 * (1 + 26.92%) / (0.0433 * 2) = 279.28

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) = 97.3
Ebitda Yield = 1.33
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 = 0.1674
Debt = 1.35
Market Cap = 19.37
Weight Debt = Market Cap / (Market Cap + Debt) = 19.37 / (19.37 + 1.35) = 0.9348
Weight Cost Debt = 100% - 0.9348 = 0.0652
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 = 5.11
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.39 + 5.11 * 5.94 + 0 = 0.3275
WACC = (0.1674 / 1.35) * (100% - 0.9348) * (1 - 0.21) + 0.3275 + 0.9348 = 10
Terminal Value = Discount (97.3 * (1 + 1.33) / (10 - 1.33)) = 114.5
Company Value = ∑ (97.3 / (1 + 10) ^ 5) = 111.81
Price = (Terminal Value + Company Value) / Count shares = (114.5 + 111.81) / 48370000 = 4678.85

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) = 0.5117
FCF Yield = -0.0351
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 = 0.1674
Debt = 1.35
Market Cap = 19.37
Weight Debt = Market Cap / (Market Cap + Debt) = 19.37 / (19.37 + 1.35) = 0.9348
Weight Cost Debt = 100% - 0.9348 = 0.0652
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 = 5.11
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.39 + 5.11 * 5.94 + 0 = 0.3275
WACC = (0.1674 / 1.35) * (100% - 0.9348) * (1 - 0.21) + 0.3275 + 0.9348 = 10
Terminal Value = Discount (0.5117 * (1 + -0.0351) / (10 - -0.0351)) = 2.27
Company Value = ∑ (0.5117 / (1 + 10) ^ 5) = 2.1
Price = (Terminal Value + Company Value) / Count shares = (2.27 + 2.1) / 48370000 = 90.37