MOEX: IRAO - Интер РАО

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 = 1.41
CAGR EPS = 6.65%
Key Rate = 0.21
Excess Key Rate = 2
Price = 1.41 * (1 + 6.65%) / (0.21 * 2) = 3.59

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 = 0.6798
g = 0.0486
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 = -0.1843
Risk Premium = 5.91
Country Premium = 12.94
Cost Of Equity = 10.06 + -0.1843 * 5.91 + 12.94 = 0.2191
Price = (0.6798 * (1 + 0.0486)) / (0.2191 - 0.0486) = 4.18

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) = 160.47
Ebitda Yield = 0.0165
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 = 14.14
Debt = 11.1
Market Cap = 409.35
Weight Debt = Market Cap / (Market Cap + Debt) = 409.35 / (409.35 + 11.1) = 0.9736
Weight Cost Debt = 100% - 0.9736 = 0.0264
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 = -0.1843
Risk Premium = 5.91
Country Premium = 12.94
Cost Of Equity = 10.06 + -0.1843 * 5.91 + 12.94 = 0.2191
WACC = (14.14 / 11.1) * (100% - 0.9736) * (1 - 0.2) + 0.2191 + 0.9736 = 101.09
Terminal Value = Discount (160.47 * (1 + 0.0165) / (101.09 - 0.0165)) = 4.99
Company Value = ∑ (160.47 / (1 + 101.09) ^ 5) = 146.15
Price = (Terminal Value + Company Value) / Count shares = (4.99 + 146.15) / 104400000000 = 1.45

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) = 0.0145
FCF Yield = -0.5058
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 = 14.14
Debt = 11.1
Market Cap = 409.35
Weight Debt = Market Cap / (Market Cap + Debt) = 409.35 / (409.35 + 11.1) = 0.9736
Weight Cost Debt = 100% - 0.9736 = 0.0264
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 = -0.1843
Risk Premium = 5.91
Country Premium = 12.94
Cost Of Equity = 10.06 + -0.1843 * 5.91 + 12.94 = 0.2191
WACC = (14.14 / 11.1) * (100% - 0.9736) * (1 - 0.2) + 0.2191 + 0.9736 = 101.09
Terminal Value = Discount (0.0145 * (1 + -0.5058) / (101.09 - -0.5058)) = 0.000144
Company Value = ∑ (0.0145 / (1 + 101.09) ^ 5) = 0.1602
Price = (Terminal Value + Company Value) / Count shares = (0.000144 + 0.1602) / 104400000000 = 0.0015