MOEX: FESH - ДВМП

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 = 12.77
CAGR EPS = 86.48%
Key Rate = 0.21
Excess Key Rate = 2
Price = 12.77 * (1 + 86.48%) / (0.21 * 2) = 56.72

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) = 233.15
Ebitda Yield = 0.3418
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 = 1.9
Debt = 33.07
Market Cap = 205.58
Weight Debt = Market Cap / (Market Cap + Debt) = 205.58 / (205.58 + 33.07) = 0.8614
Weight Cost Debt = 100% - 0.8614 = 0.1386
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 = 2.79
Risk Premium = 5.91
Country Premium = 12.94
Cost Of Equity = 10.06 + 2.79 * 5.91 + 12.94 = 0.3949
WACC = (1.9 / 33.07) * (100% - 0.8614) * (1 - 0.2) + 0.3949 + 0.8614 = 4.9
Terminal Value = Discount (233.15 * (1 + 0.3418) / (4.9 - 0.3418)) = 841.23
Company Value = ∑ (233.15 / (1 + 4.9) ^ 5) = 595.58
Price = (Terminal Value + Company Value) / Count shares = (841.23 + 595.58) / 2951000000 = 486.89

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) = 5.67
FCF Yield = -1.81
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 = 1.9
Debt = 33.07
Market Cap = 205.58
Weight Debt = Market Cap / (Market Cap + Debt) = 205.58 / (205.58 + 33.07) = 0.8614
Weight Cost Debt = 100% - 0.8614 = 0.1386
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 = 2.79
Risk Premium = 5.91
Country Premium = 12.94
Cost Of Equity = 10.06 + 2.79 * 5.91 + 12.94 = 0.3949
WACC = (1.9 / 33.07) * (100% - 0.8614) * (1 - 0.2) + 0.3949 + 0.8614 = 4.9
Terminal Value = Discount (5.67 * (1 + -1.81) / (4.9 - -1.81)) = -1.95
Company Value = ∑ (5.67 / (1 + 4.9) ^ 5) = 9.01
Price = (Terminal Value + Company Value) / Count shares = (-1.95 + 9.01) / 2951000000 = 2.39