BSE: LUPIN - Lupin Limited

Price = EPS * (1 + CAGR EPS) / (Key Rate * Excess Key Rate)
EPS = Earning Per Share
CAGR EPS = CAGR 5 EPS
Key Rate — 关键利率
Excess Key Rate — 期望超出关键利率
EPS = 42.01
CAGR EPS = 55.18%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 42.01 * (1 + 55.18%) / (0.0433 * 2) = 752.84

Price = (DPS * (1 + g)) / (Cost Of Equity - g)
Price - 价格公道
DPS — 当期股息
g — 预期增长率
DPS = 8
g = 0.7208
Cost Of Equity — 贴现率
Cost Of Equity = k(f) + β * Risk Premium + Country Premium (Damodaran table)
k(f) — 无风险回报率
β (beta) — 确定股票（资产）相对于市场的风险度量，并显示股票盈利能力变化相对于市场盈利能力变化的敏感性。
Risk Premium — 风险溢价——投资股票的风险溢价
Country Premium - 国家风险
k(f) = 2.82
β = 0.6298
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + 0.6298 * 5.94 + 0 = 0.0656
Price = (8 * (1 + 0.7208)) / (0.0656 - 0.7208) = 21.01

Price = (Terminal Value + Company Value) / Count shares
Price - 价格公道
Terminal Value — 预测后期间的成本
Company Value — 预测期内的成本
Count shares - 股份数量
Terminal Value = Discount Ebitda(5) * (1 + Ebitda Yield) / (WACC - Ebitda Yield)
Company Value = ∑ (Discount Ebitda / (1 + WACC) ^ 5)
Discount Ebitda(5) = 13.33
Ebitda Yield = -0.0656
WACC = (Interest Expense / Debt) * (Weight Cost Debt) * (1 - Tax) + Cost Of Equity * Weight Debt
Interest Expense - 偿债成本
Debt - 责任
Weight Debt - 相对于债务的资本权重
Weight Cost Debt - 债务权重相对于资本总额
Tax - 税
Interest Expense = 2.79
Debt = 44.3
Market Cap = 426.61
Weight Debt = Market Cap / (Market Cap + Debt) = 426.61 / (426.61 + 44.3) = 0.9059
Weight Cost Debt = 100% - 0.9059 = 0.0941
Tax = 0.21
Cost Of Equity — 贴现率
Cost Of Equity = k(f) + β * Risk Premium + Country Premium (Damodaran table)
k(f) — 无风险回报率
β (beta) — 确定股票（资产）相对于市场的风险度量，并显示股票盈利能力变化相对于市场盈利能力变化的敏感性。
Risk Premium — 风险溢价——投资股票的风险溢价
Country Premium - 国家风险
k(f) = 2.82
β = 0.6298
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + 0.6298 * 5.94 + 0 = 0.0656
WACC = (2.79 / 44.3) * (100% - 0.9059) * (1 - 0.21) + 0.0656 + 0.9059 = 4.99
Terminal Value = Discount (13.33 * (1 + -0.0656) / (4.99 - -0.0656)) = 84.57
Company Value = ∑ (13.33 / (1 + 4.99) ^ 5) = 66.87
Price = (Terminal Value + Company Value) / Count shares = (84.57 + 66.87) / 455680000 = 332.33

Price = (Terminal Value + Company Value) / Count shares
Price - 价格公道
Terminal Value — 预测后期间的成本
Company Value — 预测期内的成本
Count shares - 股份数量
Terminal Value = Discount FCF(5) * (1 + FCF Yield) / (WACC - FCF Yield)
Company Value = ∑ (Discount FCF / (1 + WACC) ^ 5)
Discount FCF(5) = 74.38
FCF Yield = 0.2229
WACC = (Interest Expense / Debt) * (Weight Cost Debt) * (1 - Tax) + Cost Of Equity * Weight Debt
Interest Expense - 偿债成本
Debt - 责任
Weight Debt - 相对于债务的资本权重
Weight Cost Debt - 债务权重相对于资本总额
Tax - 税
Interest Expense = 2.79
Debt = 44.3
Market Cap = 426.61
Weight Debt = Market Cap / (Market Cap + Debt) = 426.61 / (426.61 + 44.3) = 0.9059
Weight Cost Debt = 100% - 0.9059 = 0.0941
Tax = 0.21
Cost Of Equity — 贴现率
Cost Of Equity = k(f) + β * Risk Premium + Country Premium (Damodaran table)
k(f) — 无风险回报率
β (beta) — 确定股票（资产）相对于市场的风险度量，并显示股票盈利能力变化相对于市场盈利能力变化的敏感性。
Risk Premium — 风险溢价——投资股票的风险溢价
Country Premium - 国家风险
k(f) = 2.82
β = 0.6298
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + 0.6298 * 5.94 + 0 = 0.0656
WACC = (2.79 / 44.3) * (100% - 0.9059) * (1 - 0.21) + 0.0656 + 0.9059 = 4.99
Terminal Value = Discount (74.38 * (1 + 0.2229) / (4.99 - 0.2229)) = 412.14
Company Value = ∑ (74.38 / (1 + 4.99) ^ 5) = 219.91
Price = (Terminal Value + Company Value) / Count shares = (412.14 + 219.91) / 455680000 = 1387.04