MOEX: KMAZ - КАМАЗ

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 = 23.8
CAGR EPS = 60.38%
Key Rate = 0.21
Excess Key Rate = 2
Price = 23.8 * (1 + 60.38%) / (0.21 * 2) = 90.89

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 = 4.49
g = 0.337
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 = 0.3471
Risk Premium = 5.91
Country Premium = 12.94
Cost Of Equity = 9.51 + 0.3471 * 5.91 + 12.94 = 0.245
Price = (4.49 * (1 + 0.337)) / (0.245 - 0.337) = 65.28

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) = 79.82
Ebitda Yield = 0.1986
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 = 146.34
Market Cap = 107.43
Weight Debt = Market Cap / (Market Cap + Debt) = 107.43 / (107.43 + 146.34) = 0.4233
Weight Cost Debt = 100% - 0.4233 = 0.5767
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 = 0.3471
Risk Premium = 5.91
Country Premium = 12.94
Cost Of Equity = 9.51 + 0.3471 * 5.91 + 12.94 = 0.245
WACC = (0 / 146.34) * (100% - 0.4233) * (1 - 0.2) + 0.245 + 0.4233 = 0.1037
Terminal Value = Discount (79.82 * (1 + 0.1986) / (0.1037 - 0.1986)) = 481.64
Company Value = ∑ (79.82 / (1 + 0.1037) ^ 5) = 285.98
Price = (Terminal Value + Company Value) / Count shares = (481.64 + 285.98) / 707000000 = 1085.74

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) = 43.63
FCF Yield = 0.259
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 = 146.34
Market Cap = 107.43
Weight Debt = Market Cap / (Market Cap + Debt) = 107.43 / (107.43 + 146.34) = 0.4233
Weight Cost Debt = 100% - 0.4233 = 0.5767
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 = 0.3471
Risk Premium = 5.91
Country Premium = 12.94
Cost Of Equity = 9.51 + 0.3471 * 5.91 + 12.94 = 0.245
WACC = (0 / 146.34) * (100% - 0.4233) * (1 - 0.2) + 0.245 + 0.4233 = 0.1037
Terminal Value = Discount (43.63 * (1 + 0.259) / (0.1037 - 0.259)) = 211.83
Company Value = ∑ (43.63 / (1 + 0.1037) ^ 5) = 144.52
Price = (Terminal Value + Company Value) / Count shares = (211.83 + 144.52) / 707000000 = 504.03