BSE: NOVARTIND - Novartis India 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 = 34.5
CAGR EPS = 53.24%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 34.5 * (1 + 53.24%) / (0.0433 * 2) = 610.55

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 = 25
g = 2.38
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) = 2.89
β = 2.14
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.89 + 2.14 * 5.94 + 0 = 0.1563
Price = (25 * (1 + 2.38)) / (0.1563 - 2.38) = 38.01

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) = 1.58
Ebitda Yield = 0.0508
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 = 0.0149
Debt = 0.2151
Market Cap = 19.95
Weight Debt = Market Cap / (Market Cap + Debt) = 19.95 / (19.95 + 0.2151) = 0.9893
Weight Cost Debt = 100% - 0.9893 = 0.0107
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) = 2.89
β = 2.14
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.89 + 2.14 * 5.94 + 0 = 0.1563
WACC = (0.0149 / 0.2151) * (100% - 0.9893) * (1 - 0.21) + 0.1563 + 0.9893 = 5.57
Terminal Value = Discount (1.58 * (1 + 0.0508) / (5.57 - 0.0508)) = 257.6
Company Value = ∑ (1.58 / (1 + 5.57) ^ 5) = 6.07
Price = (Terminal Value + Company Value) / Count shares = (257.6 + 6.07) / 24690000 = 10679.56

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) = 5.48
FCF Yield = 0.3702
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 = 0.0149
Debt = 0.2151
Market Cap = 19.95
Weight Debt = Market Cap / (Market Cap + Debt) = 19.95 / (19.95 + 0.2151) = 0.9893
Weight Cost Debt = 100% - 0.9893 = 0.0107
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) = 2.89
β = 2.14
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.89 + 2.14 * 5.94 + 0 = 0.1563
WACC = (0.0149 / 0.2151) * (100% - 0.9893) * (1 - 0.21) + 0.1563 + 0.9893 = 5.57
Terminal Value = Discount (5.48 * (1 + 0.3702) / (5.57 - 0.3702)) = 18.2
Company Value = ∑ (5.48 / (1 + 5.57) ^ 5) = 13.26
Price = (Terminal Value + Company Value) / Count shares = (18.2 + 13.26) / 24690000 = 1273.91