MOEX: BELU - НоваБев Групп (Белуга Групп)

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 = 687.24
CAGR EPS = 45.32%
Key Rate = 0.21
Excess Key Rate = 2
Price = 2967 + (2967 * 45.32% / 100) = 4311.62

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 = 372.5
g = 0.3119
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) = 8.88
β = 5.16
Risk Premium = 5.91
Country Premium = 12.94
Cost Of Equity = 8.88 + 5.16 * 5.91 + 12.94 = 0.5229
Price = (372.5 * (1 + 0.3119)) / (0.5229 - 0.3119) = 2315.38

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) = 45.1
Ebitda Yield = 0.1881
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 = 3.52
Debt = 35.53
Market Cap = 86.32
Weight Debt = Market Cap / (Market Cap + Debt) = 86.32 / (86.32 + 35.53) = 0.7084
Weight Cost Debt = 100% - 0.7084 = 0.2916
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) = 8.88
β = 5.16
Risk Premium = 5.91
Country Premium = 12.94
Cost Of Equity = 8.88 + 5.16 * 5.91 + 12.94 = 0.5229
WACC = (3.52 / 35.53) * (100% - 0.7084) * (1 - 0.2) + 0.5229 + 0.7084 = 8.24
Terminal Value = Discount (45.1 * (1 + 0.1881) / (8.24 - 0.1881)) = 341.15
Company Value = ∑ (45.1 / (1 + 8.24) ^ 5) = 127.09
Price = (Terminal Value + Company Value) / Count shares = (341.15 + 127.09) / 126000000 = 3716.24

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) = 46.75
FCF Yield = 0.656
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 = 3.52
Debt = 35.53
Market Cap = 86.32
Weight Debt = Market Cap / (Market Cap + Debt) = 86.32 / (86.32 + 35.53) = 0.7084
Weight Cost Debt = 100% - 0.7084 = 0.2916
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) = 8.88
β = 5.16
Risk Premium = 5.91
Country Premium = 12.94
Cost Of Equity = 8.88 + 5.16 * 5.91 + 12.94 = 0.5229
WACC = (3.52 / 35.53) * (100% - 0.7084) * (1 - 0.2) + 0.5229 + 0.7084 = 8.24
Terminal Value = Discount (46.75 * (1 + 0.656) / (8.24 - 0.656)) = 90.86
Company Value = ∑ (46.75 / (1 + 8.24) ^ 5) = 80.02
Price = (Terminal Value + Company Value) / Count shares = (90.86 + 80.02) / 126000000 = 1356.15