MOEX: ETLN - Эталон

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 = -9.21
CAGR EPS = 42%
Key Rate = 0.21
Excess Key Rate = 2
Price = 81.8 + (81.8 * 42% / 100) = 116.16

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) = 14.35
Ebitda Yield = 0.0231
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 = 13.5
Debt = 129.69
Market Cap = 33.16
Weight Debt = Market Cap / (Market Cap + Debt) = 33.16 / (33.16 + 129.69) = 0.2036
Weight Cost Debt = 100% - 0.2036 = 0.7964
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) = 9.92
β = 0.4997
Risk Premium = 5.91
Country Premium = 12.94
Cost Of Equity = 9.92 + 0.4997 * 5.91 + 12.94 = 0.2581
WACC = (13.5 / 129.69) * (100% - 0.2036) * (1 - 0.2) + 0.2581 + 0.2036 = 8.37
Terminal Value = Discount (14.35 * (1 + 0.0231) / (8.37 - 0.0231)) = 162.14
Company Value = ∑ (14.35 / (1 + 8.37) ^ 5) = 54.05
Price = (Terminal Value + Company Value) / Count shares = (162.14 + 54.05) / 383000000 = 564.47

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 FCF(5) * (1 + FCF Yield) / (WACC - FCF Yield)
Company Value = ∑ (Discount FCF / (1 + WACC) ^ 5)
Discount FCF(5) = 37.18
FCF Yield = -1.95
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 = 13.5
Debt = 129.69
Market Cap = 33.16
Weight Debt = Market Cap / (Market Cap + Debt) = 33.16 / (33.16 + 129.69) = 0.2036
Weight Cost Debt = 100% - 0.2036 = 0.7964
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) = 9.92
β = 0.4997
Risk Premium = 5.91
Country Premium = 12.94
Cost Of Equity = 9.92 + 0.4997 * 5.91 + 12.94 = 0.2581
WACC = (13.5 / 129.69) * (100% - 0.2036) * (1 - 0.2) + 0.2581 + 0.2036 = 8.37
Terminal Value = Discount (37.18 * (1 + -1.95) / (8.37 - -1.95)) = -11.61
Company Value = ∑ (37.18 / (1 + 8.37) ^ 5) = 34.31
Price = (Terminal Value + Company Value) / Count shares = (-11.61 + 34.31) / 383000000 = 59.29