MOEX: AGRO - Русагро

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 = 346
CAGR EPS = 42%
Key Rate = 0.21
Excess Key Rate = 2
Price = 1244.5 + (1244.5 * 42% / 100) = 1767.19

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) = 130.3
Ebitda Yield = 0.1811
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 = 21.26
Debt = 132.96
Market Cap = 191.8
Weight Debt = Market Cap / (Market Cap + Debt) = 191.8 / (191.8 + 132.96) = 0.5906
Weight Cost Debt = 100% - 0.5906 = 0.4094
Tax = 0.2
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) = 9.51
β = -0.5796
Risk Premium = 5.91
Country Premium = 12.94
Cost Of Equity = 9.51 + -0.5796 * 5.91 + 12.94 = 0.1902
WACC = (21.26 / 132.96) * (100% - 0.5906) * (1 - 0.2) + 0.1902 + 0.5906 = 12.83
Terminal Value = Discount (130.3 * (1 + 0.1811) / (12.83 - 0.1811)) = 1594.03
Company Value = ∑ (130.3 / (1 + 12.83) ^ 5) = 325.78
Price = (Terminal Value + Company Value) / Count shares = (1594.03 + 325.78) / 137000000 = 14013.22

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) = 63.94
FCF Yield = 0.2405
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 = 21.26
Debt = 132.96
Market Cap = 191.8
Weight Debt = Market Cap / (Market Cap + Debt) = 191.8 / (191.8 + 132.96) = 0.5906
Weight Cost Debt = 100% - 0.5906 = 0.4094
Tax = 0.2
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) = 9.51
β = -0.5796
Risk Premium = 5.91
Country Premium = 12.94
Cost Of Equity = 9.51 + -0.5796 * 5.91 + 12.94 = 0.1902
WACC = (21.26 / 132.96) * (100% - 0.5906) * (1 - 0.2) + 0.1902 + 0.5906 = 12.83
Terminal Value = Discount (63.94 * (1 + 0.2405) / (12.83 - 0.2405)) = 386.56
Company Value = ∑ (63.94 / (1 + 12.83) ^ 5) = 145.92
Price = (Terminal Value + Company Value) / Count shares = (386.56 + 145.92) / 137000000 = 3886.73