MOEX: JNOS - Славнефть-ЯНОС

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 = 135.15%
Key Rate = 0.21
Excess Key Rate = 2
Price = 23.68 + (23.68 * 135.15% / 100) = 55.67

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) = 35.64
Ebitda Yield = 0.1033
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 = 0
Market Cap = 0
Weight Debt = Market Cap / (Market Cap + Debt) = 0 / (0 + 0) = 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) = 8.53
β = 0.7347
Risk Premium = 5.91
Country Premium = 12.94
Cost Of Equity = 8.53 + 0.7347 * 5.91 + 12.94 = 0.2581
WACC = (0 / 0) * (100% - 0) * (1 - 0.2) + 0.2581 + 0 = 0
Terminal Value = Discount (35.64 * (1 + 0.1033) / (0 - 0.1033)) = 380.63
Company Value = ∑ (35.64 / (1 + 0) ^ 5) = 147.81
Price = (Terminal Value + Company Value) / Count shares = (380.63 + 147.81) / 1244000000 = 424.79

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) = -97.61
FCF Yield = 0.4999
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 = 0
Market Cap = 0
Weight Debt = Market Cap / (Market Cap + Debt) = 0 / (0 + 0) = 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) = 8.53
β = 0.7347
Risk Premium = 5.91
Country Premium = 12.94
Cost Of Equity = 8.53 + 0.7347 * 5.91 + 12.94 = 0.2581
WACC = (0 / 0) * (100% - 0) * (1 - 0.2) + 0.2581 + 0 = 0
Terminal Value = Discount (-97.61 * (1 + 0.4999) / (0 - 0.4999)) = -292.89
Company Value = ∑ (-97.61 / (1 + 0) ^ 5) = -254.3
Price = (Terminal Value + Company Value) / Count shares = (-292.89 + -254.3) / 1244000000 = -439.87