MOEX: AVAN - Авангард

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 = 0
CAGR EPS = 42%
Key Rate = 0.21
Excess Key Rate = 2
Price = 946 + (946 * 42% / 100) = 1343.32

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 = 125.16
g = -8.97
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 = -0.5626
Risk Premium = 5.91
Country Premium = 12.94
Cost Of Equity = 8.53 + -0.5626 * 5.91 + 12.94 = 0.1815
Price = (125.16 * (1 + -8.97)) / (0.1815 - -8.97) = -109

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) = 6.36
FCF Yield = -0.059
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
Debt = 6.24
Market Cap = 0
Weight Debt = Market Cap / (Market Cap + Debt) = 0 / (0 + 6.24) = 0
Weight Cost Debt = 100% - 0 = 1
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 = -0.5626
Risk Premium = 5.91
Country Premium = 12.94
Cost Of Equity = 8.53 + -0.5626 * 5.91 + 12.94 = 0.1815
WACC = (0 / 6.24) * (100% - 0) * (1 - 0.2) + 0.1815 + 0 = 0
Terminal Value = Discount (6.36 * (1 + -0.059) / (0 - -0.059)) = 101.31
Company Value = ∑ (6.36 / (1 + 0) ^ 5) = 36.03
Price = (Terminal Value + Company Value) / Count shares = (101.31 + 36.03) / 81000000 = 1695.6