MOEX: GAZA - ГАЗ

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
CAGR EPS = 42%
Key Rate = 0.21
Excess Key Rate = 2
Price = 827 + (827 * 42% / 100) = 1174.34

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) = 12.74
Ebitda Yield = -0.0139
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 = 53.14
Market Cap = 0
Weight Debt = Market Cap / (Market Cap + Debt) = 0 / (0 + 53.14) = 0
Weight Cost Debt = 100% - 0 = 1
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 = 0.7872
Risk Premium = 5.91
Country Premium = 12.94
Cost Of Equity = 9.51 + 0.7872 * 5.91 + 12.94 = 0.271
WACC = (0 / 53.14) * (100% - 0) * (1 - 0.2) + 0.271 + 0 = 0
Terminal Value = Discount (12.74 * (1 + -0.0139) / (0 - -0.0139)) = 903.09
Company Value = ∑ (12.74 / (1 + 0) ^ 5) = 65.5
Price = (Terminal Value + Company Value) / Count shares = (903.09 + 65.5) / 19000000 = 50978.42