MOEX: BISV - Башинформсвязь

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 = 2.27
CAGR EPS = 2.98%
Key Rate = 0.21
Excess Key Rate = 2
Price = 2.27 * (1 + 2.98%) / (0.21 * 2) = 5.56

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) = 23
Ebitda Yield = 0.2312
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 = 0.23
Debt = 6.34
Market Cap = 14.69
Weight Debt = Market Cap / (Market Cap + Debt) = 14.69 / (14.69 + 6.34) = 0.6985
Weight Cost Debt = 100% - 0.6985 = 0.3015
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 = 0.4723
Risk Premium = 5.91
Country Premium = 12.94
Cost Of Equity = 9.51 + 0.4723 * 5.91 + 12.94 = 0.2524
WACC = (0.23 / 6.34) * (100% - 0.6985) * (1 - 0.2) + 0.2524 + 0.6985 = 3.06
Terminal Value = Discount (23 * (1 + 0.2312) / (3.06 - 0.2312)) = 121.42
Company Value = ∑ (23 / (1 + 3.06) ^ 5) = 71.52
Price = (Terminal Value + Company Value) / Count shares = (121.42 + 71.52) / 985000000 = 195.88

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) = 12.49
FCF Yield = 0.1638
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 = 0.23
Debt = 6.34
Market Cap = 14.69
Weight Debt = Market Cap / (Market Cap + Debt) = 14.69 / (14.69 + 6.34) = 0.6985
Weight Cost Debt = 100% - 0.6985 = 0.3015
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 = 0.4723
Risk Premium = 5.91
Country Premium = 12.94
Cost Of Equity = 9.51 + 0.4723 * 5.91 + 12.94 = 0.2524
WACC = (0.23 / 6.34) * (100% - 0.6985) * (1 - 0.2) + 0.2524 + 0.6985 = 3.06
Terminal Value = Discount (12.49 * (1 + 0.1638) / (3.06 - 0.1638)) = 93.84
Company Value = ∑ (12.49 / (1 + 3.06) ^ 5) = 42.75
Price = (Terminal Value + Company Value) / Count shares = (93.84 + 42.75) / 985000000 = 138.68