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Model Note · PFIZER LTD · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
PFIZER LTD Discounted cash flow · base FY26
PFIZER LTD
Value per share, this model₹2,660
CMP 2026-09-10₹4,060.00
Difference(34.5)%
Growth the CMP implies23.4%/yr
This note states the assumptions and the arithmetic of one model of PFIZER LTD, built on its filed FY26 consolidated statements. The value is the outcome of the assumptions below and nothing else; it is not a fair value, a target or a recommendation.
Assumptions
Input
This model
Filed reference
Revenue growth, 5 years
10.5% a year
FY26 10.4% · 5-yr CAGR 2.4%
EBITDA margin
33.9%
FY26 33.9% · 5-yr average 34.0%
Depreciation · capex, % of revenue
2.3% · 1%, fading to 1.2× depreciation
FY26 2.3% · 1.0%
Working capital, % of added revenue · tax
17.4% · 26%
64 working-capital days · effective 26.0%
Discount rate
11.00%
1-yr beta 0.65
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹(100) · ₹0 · ₹0 cr
FY26 net debt ₹(100) cr
Shares
4.58 crore
4.58 crore today
Source: SEBI results XBRL as filed with BSE/NSE, exchange prices; the reader's assumptions.
Projected cash flow to the firm
₹ crore
FY26
FY27
FY28
FY29
FY30
FY31
Revenue
2,520
2,784
3,077
3,400
3,757
4,151
growth %
10.4
10.5
10.5
10.5
10.5
10.5
EBITDA
855
944
1,043
1,152
1,273
1,407
Depreciation
(58)
(64)
(71)
(78)
(86)
(95)
NOPAT
590
651
719
795
878
971
less capex
(25)
(28)
(44)
(64)
(87)
(115)
less working-capital build
—
(46)
(51)
(56)
(62)
(69)
Free cash flow to firm
—
641
695
753
816
883
Present value
609
594
580
566
552
Source: the model; base year as filed.
Every figure is the reader's model over filed numbers · No rating, target or fair value is expressedmarketping.in
Model Note · PFIZER LTD · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
2,901
PV of the terminal value (76% of EV)
9,170
Enterprise value
12,071
less net debt
100
less non-controlling interest
0
add non-operating investments
0
Equity value
12,171
÷ 4.58 crore shares
₹2,660
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
2,747
2,947
3,187
3,480
3,846
10.5%
2,537
2,703
2,899
3,135
3,422
11.0%
2,358
2,497
2,660
2,853
3,084
11.5%
2,202
2,321
2,458
2,618
2,807
12.0%
2,066
2,168
2,285
2,420
2,577
Source: the model; n/a where terminal growth reaches the discount rate.
Statement
This note is the reader's own model over publicly filed information: SEBI results XBRL filed with BSE and NSE and exchange price data, assembled by MarketPing software; every assumption above is the reader's. It contains no research recommendation, no price target and no opinion by MarketPing on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Historical per-share figures are on the current share count. Where a figure is unavailable the table shows a dash rather than an estimate. Nothing here constitutes investment advice, an offer or a solicitation.
Every figure is the reader's model over filed numbers · No rating, target or fair value is expressedmarketping.in
