MOEX: DVEC - ДЭК

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 = 0.2179
CAGR EPS = 20.34%
Key Rate = 0.21
Excess Key Rate = 2
Price = 0.2179 * (1 + 20.34%) / (0.21 * 2) = 0.6244

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) = 20.18
Ebitda Yield = 0.1507
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 = 0.69
Debt = 17
Market Cap = 52.48
Weight Debt = Market Cap / (Market Cap + Debt) = 52.48 / (52.48 + 17) = 0.7553
Weight Cost Debt = 100% - 0.7553 = 0.2447
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 = 0.614
Risk Premium = 5.91
Country Premium = 12.94
Cost Of Equity = 8.53 + 0.614 * 5.91 + 12.94 = 0.251
WACC = (0.69 / 17) * (100% - 0.7553) * (1 - 0.2) + 0.251 + 0.7553 = 3.41
Terminal Value = Discount (20.18 * (1 + 0.1507) / (3.41 - 0.1507)) = 168.38
Company Value = ∑ (20.18 / (1 + 3.41) ^ 5) = 69.68
Price = (Terminal Value + Company Value) / Count shares = (168.38 + 69.68) / 17207000000 = 13.83

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) = -2.49
FCF Yield = -0.1449
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 = 0.69
Debt = 17
Market Cap = 52.48
Weight Debt = Market Cap / (Market Cap + Debt) = 52.48 / (52.48 + 17) = 0.7553
Weight Cost Debt = 100% - 0.7553 = 0.2447
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 = 0.614
Risk Premium = 5.91
Country Premium = 12.94
Cost Of Equity = 8.53 + 0.614 * 5.91 + 12.94 = 0.251
WACC = (0.69 / 17) * (100% - 0.7553) * (1 - 0.2) + 0.251 + 0.7553 = 3.41
Terminal Value = Discount (-2.49 * (1 + -0.1449) / (3.41 - -0.1449)) = -10.04
Company Value = ∑ (-2.49 / (1 + 3.41) ^ 5) = -15.94
Price = (Terminal Value + Company Value) / Count shares = (-10.04 + -15.94) / 17207000000 = -1.51