NSE: SPARC - Sun Pharma Advanced Research Company Limited

Price = Avg Price + (Avg Price * CAGR EPS% / 100)
EPS = Earning Per Share
CAGR EPS = CAGR 5 EPS
Key Rate — Nøkkelrente
Excess Key Rate — Ønsket overskridelse av styringsrenten
EPS = -11.93
CAGR EPS = 0.462%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 257.53 + (257.53 * 0.462% / 100) = 258.71

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) = -4.36
Ebitda Yield = 0.0318
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 = 0.0169
Debt = 0.6115
Market Cap = 62.68
Weight Debt = Market Cap / (Market Cap + Debt) = 62.68 / (62.68 + 0.6115) = 0.9903
Weight Cost Debt = 100% - 0.9903 = 0.0097
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) = 3
β = 5.11
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 3 + 5.11 * 5.94 + 0 = 0.3337
WACC = (0.0169 / 0.6115) * (100% - 0.9903) * (1 - 0.21) + 0.3337 + 0.9903 = 2.49
Terminal Value = Discount (-4.36 * (1 + 0.0318) / (2.49 - 0.0318)) = -577.87
Company Value = ∑ (-4.36 / (1 + 2.49) ^ 5) = -19.04
Price = (Terminal Value + Company Value) / Count shares = (-577.87 + -19.04) / 324520000 = -1839.36

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) = -7.07
FCF Yield = 0.0917
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 = 0.0169
Debt = 0.6115
Market Cap = 62.68
Weight Debt = Market Cap / (Market Cap + Debt) = 62.68 / (62.68 + 0.6115) = 0.9903
Weight Cost Debt = 100% - 0.9903 = 0.0097
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) = 3
β = 5.11
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 3 + 5.11 * 5.94 + 0 = 0.3337
WACC = (0.0169 / 0.6115) * (100% - 0.9903) * (1 - 0.21) + 0.3337 + 0.9903 = 2.49
Terminal Value = Discount (-7.07 * (1 + 0.0917) / (2.49 - 0.0917)) = -102.13
Company Value = ∑ (-7.07 / (1 + 2.49) ^ 5) = -27.65
Price = (Terminal Value + Company Value) / Count shares = (-102.13 + -27.65) / 324520000 = -399.9