MOEX: GCHE - Черкизово

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 = 782.86
CAGR EPS = 215.05%
Key Rate = 0.21
Excess Key Rate = 2
Price = 4232.25 + (4232.25 * 215.05% / 100) = 13333.54

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 = 347.49
g = 0.3359
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) = 8.88
β = 0.6958
Risk Premium = 5.91
Country Premium = 12.94
Cost Of Equity = 8.88 + 0.6958 * 5.91 + 12.94 = 0.2593
Price = (347.49 * (1 + 0.3359)) / (0.2593 - 0.3359) = 6061.67

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) = 153.51
Ebitda Yield = 0.1963
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 = 11.52
Debt = 116.77
Market Cap = 202.39
Weight Debt = Market Cap / (Market Cap + Debt) = 202.39 / (202.39 + 116.77) = 0.6341
Weight Cost Debt = 100% - 0.6341 = 0.3659
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) = 8.88
β = 0.6958
Risk Premium = 5.91
Country Premium = 12.94
Cost Of Equity = 8.88 + 0.6958 * 5.91 + 12.94 = 0.2593
WACC = (11.52 / 116.77) * (100% - 0.6341) * (1 - 0.2) + 0.2593 + 0.6341 = 8.01
Terminal Value = Discount (153.51 * (1 + 0.1963) / (8.01 - 0.1963)) = 1075.21
Company Value = ∑ (153.51 / (1 + 8.01) ^ 5) = 430.15
Price = (Terminal Value + Company Value) / Count shares = (1075.21 + 430.15) / 42000000 = 35841.98

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) = 0.012
FCF Yield = -1.39
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 = 11.52
Debt = 116.77
Market Cap = 202.39
Weight Debt = Market Cap / (Market Cap + Debt) = 202.39 / (202.39 + 116.77) = 0.6341
Weight Cost Debt = 100% - 0.6341 = 0.3659
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) = 8.88
β = 0.6958
Risk Premium = 5.91
Country Premium = 12.94
Cost Of Equity = 8.88 + 0.6958 * 5.91 + 12.94 = 0.2593
WACC = (11.52 / 116.77) * (100% - 0.6341) * (1 - 0.2) + 0.2593 + 0.6341 = 8.01
Terminal Value = Discount (0.012 * (1 + -1.39) / (8.01 - -1.39)) = -0.0022
Company Value = ∑ (0.012 / (1 + 8.01) ^ 5) = 0.3562
Price = (Terminal Value + Company Value) / Count shares = (-0.0022 + 0.3562) / 42000000 = 8.43