MOEX: HYDR - Русгидро

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 = 0.0763
CAGR EPS = 5.51%
Key Rate = 0.21
Excess Key Rate = 2
Price = 0.0763 * (1 + 5.51%) / (0.21 * 2) = 0.1918

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) = 178.63
Ebitda Yield = 0.0345
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 = 15.45
Debt = 356.51
Market Cap = 297.03
Weight Debt = Market Cap / (Market Cap + Debt) = 297.03 / (297.03 + 356.51) = 0.4545
Weight Cost Debt = 100% - 0.4545 = 0.5455
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 = 0.1167
Risk Premium = 5.91
Country Premium = 12.94
Cost Of Equity = 10.06 + 0.1167 * 5.91 + 12.94 = 0.2369
WACC = (15.45 / 356.51) * (100% - 0.4545) * (1 - 0.2) + 0.2369 + 0.4545 = 3.56
Terminal Value = Discount (178.63 * (1 + 0.0345) / (3.56 - 0.0345)) = 137225.31
Company Value = ∑ (178.63 / (1 + 3.56) ^ 5) = 751.53
Price = (Terminal Value + Company Value) / Count shares = (137225.31 + 751.53) / 444793000000 = 310.2

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) = 57.19
FCF Yield = -1.83
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 = 15.45
Debt = 356.51
Market Cap = 297.03
Weight Debt = Market Cap / (Market Cap + Debt) = 297.03 / (297.03 + 356.51) = 0.4545
Weight Cost Debt = 100% - 0.4545 = 0.5455
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 = 0.1167
Risk Premium = 5.91
Country Premium = 12.94
Cost Of Equity = 10.06 + 0.1167 * 5.91 + 12.94 = 0.2369
WACC = (15.45 / 356.51) * (100% - 0.4545) * (1 - 0.2) + 0.2369 + 0.4545 = 3.56
Terminal Value = Discount (57.19 * (1 + -1.83) / (3.56 - -1.83)) = -21.38
Company Value = ∑ (57.19 / (1 + 3.56) ^ 5) = 85.51
Price = (Terminal Value + Company Value) / Count shares = (-21.38 + 85.51) / 444793000000 = 0.1442