MOEX: ENPG - En+

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 = 118.65
CAGR EPS = 3.18%
Key Rate = 0.21
Excess Key Rate = 2
Price = 118.65 * (1 + 3.18%) / (0.21 * 2) = 291.47

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) = 443.84
Ebitda Yield = 0.1072
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 = 58.1
Debt = 991.45
Market Cap = 284.99
Weight Debt = Market Cap / (Market Cap + Debt) = 284.99 / (284.99 + 991.45) = 0.2233
Weight Cost Debt = 100% - 0.2233 = 0.7767
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 = 2.64
Risk Premium = 5.91
Country Premium = 12.94
Cost Of Equity = 10.06 + 2.64 * 5.91 + 12.94 = 0.386
WACC = (58.1 / 991.45) * (100% - 0.2233) * (1 - 0.2) + 0.386 + 0.2233 = 4.76
Terminal Value = Discount (443.84 * (1 + 0.1072) / (4.76 - 0.1072)) = 6533.83
Company Value = ∑ (443.84 / (1 + 4.76) ^ 5) = 1579.1
Price = (Terminal Value + Company Value) / Count shares = (6533.83 + 1579.1) / 639000000 = 12696.29

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) = 9.41
FCF Yield = -1.63
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 = 58.1
Debt = 991.45
Market Cap = 284.99
Weight Debt = Market Cap / (Market Cap + Debt) = 284.99 / (284.99 + 991.45) = 0.2233
Weight Cost Debt = 100% - 0.2233 = 0.7767
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 = 2.64
Risk Premium = 5.91
Country Premium = 12.94
Cost Of Equity = 10.06 + 2.64 * 5.91 + 12.94 = 0.386
WACC = (58.1 / 991.45) * (100% - 0.2233) * (1 - 0.2) + 0.386 + 0.2233 = 4.76
Terminal Value = Discount (9.41 * (1 + -1.63) / (4.76 - -1.63)) = -2.81
Company Value = ∑ (9.41 / (1 + 4.76) ^ 5) = 37.29
Price = (Terminal Value + Company Value) / Count shares = (-2.81 + 37.29) / 639000000 = 53.96