NSE: ZYDUSWELL - Zydus Wellness 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 = 41.94
CAGR EPS = 11.28%
Key Rate = 0.0458
Excess Key Rate = 2
Price = 41.94 * (1 + 11.28%) / (0.0458 * 2) = 509.5

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 = 5
g = -0.0118
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) = 2.75
β = 0.1594
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.75 + 0.1594 * 5.94 + 0 = 0.037
Price = (5 * (1 + -0.0118)) / (0.037 - -0.0118) = 101.21

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) = 2.95
Ebitda Yield = -0.0089
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 = 0.24
Debt = 3.29
Market Cap = 93.97
Weight Debt = Market Cap / (Market Cap + Debt) = 93.97 / (93.97 + 3.29) = 0.9662
Weight Cost Debt = 100% - 0.9662 = 0.0338
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) = 2.75
β = 0.1594
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.75 + 0.1594 * 5.94 + 0 = 0.037
WACC = (0.24 / 3.29) * (100% - 0.9662) * (1 - 0.21) + 0.037 + 0.9662 = 5.75
Terminal Value = Discount (2.95 * (1 + -0.0089) / (5.75 - -0.0089)) = 33.25
Company Value = ∑ (2.95 / (1 + 5.75) ^ 5) = 12.73
Price = (Terminal Value + Company Value) / Count shares = (33.25 + 12.73) / 63630000 = 722.68

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) = 1.85
FCF Yield = -0.021
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 = 0.24
Debt = 3.29
Market Cap = 93.97
Weight Debt = Market Cap / (Market Cap + Debt) = 93.97 / (93.97 + 3.29) = 0.9662
Weight Cost Debt = 100% - 0.9662 = 0.0338
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) = 2.75
β = 0.1594
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.75 + 0.1594 * 5.94 + 0 = 0.037
WACC = (0.24 / 3.29) * (100% - 0.9662) * (1 - 0.21) + 0.037 + 0.9662 = 5.75
Terminal Value = Discount (1.85 * (1 + -0.021) / (5.75 - -0.021)) = 17.42
Company Value = ∑ (1.85 / (1 + 5.75) ^ 5) = 8.2
Price = (Terminal Value + Company Value) / Count shares = (17.42 + 8.2) / 63630000 = 402.67