MOEX: KLSB - Калужская сбытовая компания

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 = 1.51
CAGR EPS = 12.67%
Key Rate = 0.21
Excess Key Rate = 2
Price = 1.51 * (1 + 12.67%) / (0.21 * 2) = 4.04

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) = 0.7182
Ebitda Yield = 0.0108
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 = 0.362
Debt = 3.17
Market Cap = 2.47
Weight Debt = Market Cap / (Market Cap + Debt) = 2.47 / (2.47 + 3.17) = 0.4376
Weight Cost Debt = 100% - 0.4376 = 0.5624
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 = 0.4521
Risk Premium = 5.91
Country Premium = 12.94
Cost Of Equity = 9.51 + 0.4521 * 5.91 + 12.94 = 0.2512
WACC = (0.362 / 3.17) * (100% - 0.4376) * (1 - 0.2) + 0.2512 + 0.4376 = 9.21
Terminal Value = Discount (0.7182 * (1 + 0.0108) / (9.21 - 0.0108)) = 5.74
Company Value = ∑ (0.7182 / (1 + 9.21) ^ 5) = 2.71
Price = (Terminal Value + Company Value) / Count shares = (5.74 + 2.71) / 91000000 = 92.96

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) = 0.4344
FCF Yield = 0.0383
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 = 0.362
Debt = 3.17
Market Cap = 2.47
Weight Debt = Market Cap / (Market Cap + Debt) = 2.47 / (2.47 + 3.17) = 0.4376
Weight Cost Debt = 100% - 0.4376 = 0.5624
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 = 0.4521
Risk Premium = 5.91
Country Premium = 12.94
Cost Of Equity = 9.51 + 0.4521 * 5.91 + 12.94 = 0.2512
WACC = (0.362 / 3.17) * (100% - 0.4376) * (1 - 0.2) + 0.2512 + 0.4376 = 9.21
Terminal Value = Discount (0.4344 * (1 + 0.0383) / (9.21 - 0.0383)) = 5.4
Company Value = ∑ (0.4344 / (1 + 9.21) ^ 5) = 1.55
Price = (Terminal Value + Company Value) / Count shares = (5.4 + 1.55) / 91000000 = 76.35