MOEX: FEES - Россети - ФСК ЕЭС

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 = 0.0763
CAGR EPS = 42%
Key Rate = 0.21
Excess Key Rate = 2
Price = 0.0976 + (0.0976 * 42% / 100) = 0.1386

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) = 1551.25
Ebitda Yield = 0.2446
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 = 646.55
Market Cap = 221.66
Weight Debt = Market Cap / (Market Cap + Debt) = 221.66 / (221.66 + 646.55) = 0.2553
Weight Cost Debt = 100% - 0.2553 = 0.7447
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 = 0.2285
Risk Premium = 5.91
Country Premium = 12.94
Cost Of Equity = 10.06 + 0.2285 * 5.91 + 12.94 = 0.2435
WACC = (0 / 646.55) * (100% - 0.2553) * (1 - 0.2) + 0.2435 + 0.2553 = 0.0622
Terminal Value = Discount (1551.25 * (1 + 0.2446) / (0.0622 - 0.2446)) = 7888.34
Company Value = ∑ (1551.25 / (1 + 0.0622) ^ 5) = 5238.89
Price = (Terminal Value + Company Value) / Count shares = (7888.34 + 5238.89) / 2113460000000 = 6.21

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) = 7.77
FCF Yield = -1.69
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 = 646.55
Market Cap = 221.66
Weight Debt = Market Cap / (Market Cap + Debt) = 221.66 / (221.66 + 646.55) = 0.2553
Weight Cost Debt = 100% - 0.2553 = 0.7447
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 = 0.2285
Risk Premium = 5.91
Country Premium = 12.94
Cost Of Equity = 10.06 + 0.2285 * 5.91 + 12.94 = 0.2435
WACC = (0 / 646.55) * (100% - 0.2553) * (1 - 0.2) + 0.2435 + 0.2553 = 0.0622
Terminal Value = Discount (7.77 * (1 + -1.69) / (0.0622 - -1.69)) = -3.17
Company Value = ∑ (7.77 / (1 + 0.0622) ^ 5) = 23.24
Price = (Terminal Value + Company Value) / Count shares = (-3.17 + 23.24) / 2113460000000 = 0.0095