MOEX: FIXP - Fix Price

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 = 41.93
CAGR EPS = 21.98%
Key Rate = 0.21
Excess Key Rate = 2
Price = 41.93 * (1 + 21.98%) / (0.21 * 2) = 121.77

Price = (DPS * (1 + g)) / (Cost Of Equity - g)
Price - 价格公道
DPS — 当期股息
g — 预期增长率
DPS = 45.15
g = 0.2037
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) = 9.51
β = 0.205
Risk Premium = 5.91
Country Premium = 12.94
Cost Of Equity = 9.51 + 0.205 * 5.91 + 12.94 = 0.2366
Price = (45.15 * (1 + 0.2037)) / (0.2366 - 0.2037) = 1652.62

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) = 100.8
Ebitda Yield = 0.1242
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 = 2.95
Debt = 28.47
Market Cap = 228.31
Weight Debt = Market Cap / (Market Cap + Debt) = 228.31 / (228.31 + 28.47) = 0.8891
Weight Cost Debt = 100% - 0.8891 = 0.1109
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) = 9.51
β = 0.205
Risk Premium = 5.91
Country Premium = 12.94
Cost Of Equity = 9.51 + 0.205 * 5.91 + 12.94 = 0.2366
WACC = (2.95 / 28.47) * (100% - 0.8891) * (1 - 0.2) + 0.2366 + 0.8891 = 8.43
Terminal Value = Discount (100.8 * (1 + 0.1242) / (8.43 - 0.1242)) = 1892.12
Company Value = ∑ (100.8 / (1 + 8.43) ^ 5) = 313.23
Price = (Terminal Value + Company Value) / Count shares = (1892.12 + 313.23) / 850000000 = 2594.54

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) = 54.52
FCF Yield = 0.1086
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 = 2.95
Debt = 28.47
Market Cap = 228.31
Weight Debt = Market Cap / (Market Cap + Debt) = 228.31 / (228.31 + 28.47) = 0.8891
Weight Cost Debt = 100% - 0.8891 = 0.1109
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) = 9.51
β = 0.205
Risk Premium = 5.91
Country Premium = 12.94
Cost Of Equity = 9.51 + 0.205 * 5.91 + 12.94 = 0.2366
WACC = (2.95 / 28.47) * (100% - 0.8891) * (1 - 0.2) + 0.2366 + 0.8891 = 8.43
Terminal Value = Discount (54.52 * (1 + 0.1086) / (8.43 - 0.1086)) = 1657.99
Company Value = ∑ (54.52 / (1 + 8.43) ^ 5) = 174.08
Price = (Terminal Value + Company Value) / Count shares = (1657.99 + 174.08) / 850000000 = 2155.37