MOEX: DELI - Делимобиль | Каршеринг Руссия

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 = 11.22
CAGR EPS = 42%
Key Rate = 0.21
Excess Key Rate = 2
Price = 261.65 + (261.65 * 42% / 100) = 371.54

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 = 1
g = -2.25
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 = 1.03
Risk Premium = 5.91
Country Premium = 12.94
Cost Of Equity = 10.06 + 1.03 * 5.91 + 12.94 = 0.291
Price = (1 * (1 + -2.25)) / (0.291 - -2.25) = -0.4927

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) = 76.32
Ebitda Yield = 0.6749
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 = 29.75
Market Cap = 51.72
Weight Debt = Market Cap / (Market Cap + Debt) = 51.72 / (51.72 + 29.75) = 0.6348
Weight Cost Debt = 100% - 0.6348 = 0.3652
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 = 1.03
Risk Premium = 5.91
Country Premium = 12.94
Cost Of Equity = 10.06 + 1.03 * 5.91 + 12.94 = 0.291
WACC = (0 / 29.75) * (100% - 0.6348) * (1 - 0.2) + 0.291 + 0.6348 = 0.1847
Terminal Value = Discount (76.32 * (1 + 0.6749) / (0.1847 - 0.6749)) = 188.18
Company Value = ∑ (76.32 / (1 + 0.1847) ^ 5) = 173.77
Price = (Terminal Value + Company Value) / Count shares = (188.18 + 173.77) / 172000000 = 2104.33

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) = -0.3777
FCF Yield = -0.1769
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 = 29.75
Market Cap = 51.72
Weight Debt = Market Cap / (Market Cap + Debt) = 51.72 / (51.72 + 29.75) = 0.6348
Weight Cost Debt = 100% - 0.6348 = 0.3652
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 = 1.03
Risk Premium = 5.91
Country Premium = 12.94
Cost Of Equity = 10.06 + 1.03 * 5.91 + 12.94 = 0.291
WACC = (0 / 29.75) * (100% - 0.6348) * (1 - 0.2) + 0.291 + 0.6348 = 0.1847
Terminal Value = Discount (-0.3777 * (1 + -0.1769) / (0.1847 - -0.1769)) = -1.72
Company Value = ∑ (-0.3777 / (1 + 0.1847) ^ 5) = -2.88
Price = (Terminal Value + Company Value) / Count shares = (-1.72 + -2.88) / 172000000 = -26.76