NSE: 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 = 41.87
CAGR EPS = 13.94%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 41.87 * (1 + 13.94%) / (0.0433 * 2) = 550.93

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 = -1.34
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 = 0.3271
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + 0.3271 * 5.94 + 0 = 0.0476
Price = (8 * (1 + -1.34)) / (0.0476 - -1.34) = -1.94

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) = 44.92
Ebitda Yield = 0.0397
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 = 3.12
Debt = 29.22
Market Cap = 426.61
Weight Debt = Market Cap / (Market Cap + Debt) = 426.61 / (426.61 + 29.22) = 0.9359
Weight Cost Debt = 100% - 0.9359 = 0.0641
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 = 0.3271
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + 0.3271 * 5.94 + 0 = 0.0476
WACC = (3.12 / 29.22) * (100% - 0.9359) * (1 - 0.21) + 0.0476 + 0.9359 = 8.39
Terminal Value = Discount (44.92 * (1 + 0.0397) / (8.39 - 0.0397)) = 706.56
Company Value = ∑ (44.92 / (1 + 8.39) ^ 5) = 163.43
Price = (Terminal Value + Company Value) / Count shares = (706.56 + 163.43) / 457230000 = 1902.74

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 = 3.12
Debt = 29.22
Market Cap = 426.61
Weight Debt = Market Cap / (Market Cap + Debt) = 426.61 / (426.61 + 29.22) = 0.9359
Weight Cost Debt = 100% - 0.9359 = 0.0641
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 = 0.3271
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + 0.3271 * 5.94 + 0 = 0.0476
WACC = (3.12 / 29.22) * (100% - 0.9359) * (1 - 0.21) + 0.0476 + 0.9359 = 8.39
Terminal Value = Discount (74.38 * (1 + 0.2229) / (8.39 - 0.2229)) = 437.4
Company Value = ∑ (74.38 / (1 + 8.39) ^ 5) = 198.13
Price = (Terminal Value + Company Value) / Count shares = (437.4 + 198.13) / 457230000 = 1389.95