BSE: 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 — 关键利率
Excess Key Rate — 期望超出关键利率
EPS = -11.93
CAGR EPS = 0.0173%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 240.53 + (240.53 * 0.0173% / 100) = 240.57

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) = -2.78
Ebitda Yield = 0.0646
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 = 0.0119
Debt = 0.1567
Market Cap = 62.68
Weight Debt = Market Cap / (Market Cap + Debt) = 62.68 / (62.68 + 0.1567) = 0.9975
Weight Cost Debt = 100% - 0.9975 = 0.0024999999999999
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 = 7.41
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + 7.41 * 5.94 + 0 = 0.4681
WACC = (0.0119 / 0.1567) * (100% - 0.9975) * (1 - 0.21) + 0.4681 + 0.9975 = 6.43
Terminal Value = Discount (-2.78 * (1 + 0.0646) / (6.43 - 0.0646)) = -6609.34
Company Value = ∑ (-2.78 / (1 + 6.43) ^ 5) = -10.17
Price = (Terminal Value + Company Value) / Count shares = (-6609.34 + -10.17) / 324520000 = -20397.84

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) = -7.07
FCF Yield = 0.0917
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 = 0.0119
Debt = 0.1567
Market Cap = 62.68
Weight Debt = Market Cap / (Market Cap + Debt) = 62.68 / (62.68 + 0.1567) = 0.9975
Weight Cost Debt = 100% - 0.9975 = 0.0024999999999999
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 = 7.41
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + 7.41 * 5.94 + 0 = 0.4681
WACC = (0.0119 / 0.1567) * (100% - 0.9975) * (1 - 0.21) + 0.4681 + 0.9975 = 6.43
Terminal Value = Discount (-7.07 * (1 + 0.0917) / (6.43 - 0.0917)) = -206.04
Company Value = ∑ (-7.07 / (1 + 6.43) ^ 5) = -24.61
Price = (Terminal Value + Company Value) / Count shares = (-206.04 + -24.61) / 324520000 = -710.73