MOEX: CHMK - ЧМК

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 = 1322.82
CAGR EPS = 119.6%
Key Rate = 0.21
Excess Key Rate = 2
Price = 7962.5 + (7962.5 * 119.6% / 100) = 17485.39

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) = 1.44
Ebitda Yield = -1.62
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 = 17.69
Debt = 156.21
Market Cap = 23.26
Weight Debt = Market Cap / (Market Cap + Debt) = 23.26 / (23.26 + 156.21) = 0.1296
Weight Cost Debt = 100% - 0.1296 = 0.8704
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) = 10.06
β = 0.915
Risk Premium = 5.91
Country Premium = 12.94
Cost Of Equity = 10.06 + 0.915 * 5.91 + 12.94 = 0.2841
WACC = (17.69 / 156.21) * (100% - 0.1296) * (1 - 0.2) + 0.2841 + 0.1296 = 9.08
Terminal Value = Discount (1.44 * (1 + -1.62) / (9.08 - -1.62)) = -0.3368
Company Value = ∑ (1.44 / (1 + 9.08) ^ 5) = 6.07
Price = (Terminal Value + Company Value) / Count shares = (-0.3368 + 6.07) / 3000000 = 1909.42

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 FCF(5) * (1 + FCF Yield) / (WACC - FCF Yield)
Company Value = ∑ (Discount FCF / (1 + WACC) ^ 5)
Discount FCF(5) = 135.97
FCF Yield = 0.4362
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 = 17.69
Debt = 156.21
Market Cap = 23.26
Weight Debt = Market Cap / (Market Cap + Debt) = 23.26 / (23.26 + 156.21) = 0.1296
Weight Cost Debt = 100% - 0.1296 = 0.8704
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) = 10.06
β = 0.915
Risk Premium = 5.91
Country Premium = 12.94
Cost Of Equity = 10.06 + 0.915 * 5.91 + 12.94 = 0.2841
WACC = (17.69 / 156.21) * (100% - 0.1296) * (1 - 0.2) + 0.2841 + 0.1296 = 9.08
Terminal Value = Discount (135.97 * (1 + 0.4362) / (9.08 - 0.4362)) = 366.12
Company Value = ∑ (135.97 / (1 + 9.08) ^ 5) = 273.56
Price = (Terminal Value + Company Value) / Count shares = (366.12 + 273.56) / 3000000 = 213227.98