MOEX: AQUA - INARCTICA (Русская аквакультура)

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 = 179.11
CAGR EPS = 36.72%
Key Rate = 0.21
Excess Key Rate = 2
Price = 179.11 * (1 + 36.72%) / (0.21 * 2) = 583.03

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 = 49
g = 0.5669
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) = 8.53
β = 2.06
Risk Premium = 5.91
Country Premium = 12.94
Cost Of Equity = 8.53 + 2.06 * 5.91 + 12.94 = 0.3366
Price = (49 * (1 + 0.5669)) / (0.3366 - 0.5669) = 333.42

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) = 72.17
Ebitda Yield = 0.2792
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 = 1.57
Debt = 14.75
Market Cap = 71.66
Weight Debt = Market Cap / (Market Cap + Debt) = 71.66 / (71.66 + 14.75) = 0.8293
Weight Cost Debt = 100% - 0.8293 = 0.1707
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) = 8.53
β = 2.06
Risk Premium = 5.91
Country Premium = 12.94
Cost Of Equity = 8.53 + 2.06 * 5.91 + 12.94 = 0.3366
WACC = (1.57 / 14.75) * (100% - 0.8293) * (1 - 0.2) + 0.3366 + 0.8293 = 8.74
Terminal Value = Discount (72.17 * (1 + 0.2792) / (8.74 - 0.2792)) = 316.61
Company Value = ∑ (72.17 / (1 + 8.74) ^ 5) = 176.08
Price = (Terminal Value + Company Value) / Count shares = (316.61 + 176.08) / 88000000 = 5598.73

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) = 135.92
FCF Yield = 1.02
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 = 1.57
Debt = 14.75
Market Cap = 71.66
Weight Debt = Market Cap / (Market Cap + Debt) = 71.66 / (71.66 + 14.75) = 0.8293
Weight Cost Debt = 100% - 0.8293 = 0.1707
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) = 8.53
β = 2.06
Risk Premium = 5.91
Country Premium = 12.94
Cost Of Equity = 8.53 + 2.06 * 5.91 + 12.94 = 0.3366
WACC = (1.57 / 14.75) * (100% - 0.8293) * (1 - 0.2) + 0.3366 + 0.8293 = 8.74
Terminal Value = Discount (135.92 * (1 + 1.02) / (8.74 - 1.02)) = 193.37
Company Value = ∑ (135.92 / (1 + 8.74) ^ 5) = 184.68
Price = (Terminal Value + Company Value) / Count shares = (193.37 + 184.68) / 88000000 = 4295.95