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 — 关键利率
Excess Key Rate — 期望超出关键利率
EPS = -11.93
CAGR EPS = 0.462%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 256.4 + (256.4 * 0.462% / 100) = 257.58

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) = -4.36
Ebitda Yield = 0.0318
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 = 0.0169
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 — 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 = 6.74
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + 6.74 * 5.94 + 0 = 0.4287
WACC = (0.0169 / 0.6115) * (100% - 0.9903) * (1 - 0.21) + 0.4287 + 0.9903 = 2.59
Terminal Value = Discount (-4.36 * (1 + 0.0318) / (2.59 - 0.0318)) = -666.2
Company Value = ∑ (-4.36 / (1 + 2.59) ^ 5) = -18.98
Price = (Terminal Value + Company Value) / Count shares = (-666.2 + -18.98) / 324520000 = -2111.38

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 = 0.0169
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 — 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 = 6.74
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + 6.74 * 5.94 + 0 = 0.4287
WACC = (0.0169 / 0.6115) * (100% - 0.9903) * (1 - 0.21) + 0.4287 + 0.9903 = 2.59
Terminal Value = Discount (-7.07 * (1 + 0.0917) / (2.59 - 0.0917)) = -103.11
Company Value = ∑ (-7.07 / (1 + 2.59) ^ 5) = -27.57
Price = (Terminal Value + Company Value) / Count shares = (-103.11 + -27.57) / 324520000 = -402.69