NSE: ZYDUSLIFE - Zydus Lifesciences 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 = 38.14
CAGR EPS = 27.11%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 38.14 * (1 + 27.11%) / (0.0433 * 2) = 559.83

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 = 3
g = 0.2181
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 = 1.64
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + 1.64 * 5.94 + 0 = 0.1253
Price = (3 * (1 + 0.2181)) / (0.1253 - 0.2181) = 39.37

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) = 99.45
Ebitda Yield = 0.1208
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 = 0.492
Debt = 8.04
Market Cap = 621.04
Weight Debt = Market Cap / (Market Cap + Debt) = 621.04 / (621.04 + 8.04) = 0.9872
Weight Cost Debt = 100% - 0.9872 = 0.0128
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 = 1.64
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + 1.64 * 5.94 + 0 = 0.1253
WACC = (0.492 / 8.04) * (100% - 0.9872) * (1 - 0.21) + 0.1253 + 0.9872 = 4.91
Terminal Value = Discount (99.45 * (1 + 0.1208) / (4.91 - 0.1208)) = 1222.61
Company Value = ∑ (99.45 / (1 + 4.91) ^ 5) = 344.32
Price = (Terminal Value + Company Value) / Count shares = (1222.61 + 344.32) / 1011930000 = 1548.46

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) = 31.31
FCF Yield = 0.0617
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 = 0.492
Debt = 8.04
Market Cap = 621.04
Weight Debt = Market Cap / (Market Cap + Debt) = 621.04 / (621.04 + 8.04) = 0.9872
Weight Cost Debt = 100% - 0.9872 = 0.0128
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 = 1.64
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + 1.64 * 5.94 + 0 = 0.1253
WACC = (0.492 / 8.04) * (100% - 0.9872) * (1 - 0.21) + 0.1253 + 0.9872 = 4.91
Terminal Value = Discount (31.31 * (1 + 0.0617) / (4.91 - 0.0617)) = 2079.32
Company Value = ∑ (31.31 / (1 + 4.91) ^ 5) = 120.31
Price = (Terminal Value + Company Value) / Count shares = (2079.32 + 120.31) / 1011930000 = 2173.69