MOEX: CLSB - Челябэнергосбыт

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 = 0.0213
CAGR EPS = 42%
Key Rate = 0.21
Excess Key Rate = 2
Price = 0.0729 + (0.0729 * 42% / 100) = 0.1035

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) = 95.06
FCF Yield = 0.8046
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 = 1.43
Market Cap = 0.6001
Weight Debt = Market Cap / (Market Cap + Debt) = 0.6001 / (0.6001 + 1.43) = 0.296
Weight Cost Debt = 100% - 0.296 = 0.704
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 = -0.0029
Risk Premium = 5.91
Country Premium = 12.94
Cost Of Equity = 8.53 + -0.0029 * 5.91 + 12.94 = 0.2145
WACC = (0 / 1.43) * (100% - 0.296) * (1 - 0.2) + 0.2145 + 0.296 = 0.0635
Terminal Value = Discount (95.06 * (1 + 0.8046) / (0.0635 - 0.8046)) = 212.7
Company Value = ∑ (95.06 / (1 + 0.0635) ^ 5) = 201.56
Price = (Terminal Value + Company Value) / Count shares = (212.7 + 201.56) / 6895000000 = 60.08