MOEX: KMEZ - КМЗ

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 = 56.11
CAGR EPS = 42%
Key Rate = 0.21
Excess Key Rate = 2
Price = 1615 + (1615 * 42% / 100) = 2293.3

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) = 0.0797
Ebitda Yield = -0.1363
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 = 0.004
Debt = 2.33
Market Cap = 0
Weight Debt = Market Cap / (Market Cap + Debt) = 0 / (0 + 2.33) = 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) = 9.51
β = 0.1638
Risk Premium = 5.91
Country Premium = 12.94
Cost Of Equity = 9.51 + 0.1638 * 5.91 + 12.94 = 0.2342
WACC = (0.004 / 2.33) * (100% - 0) * (1 - 0.2) + 0.2342 + 0 = 0.1373
Terminal Value = Discount (0.0797 * (1 + -0.1363) / (0.1373 - -0.1363)) = 0.4963
Company Value = ∑ (0.0797 / (1 + 0.1373) ^ 5) = 0.5436
Price = (Terminal Value + Company Value) / Count shares = (0.4963 + 0.5436) / 4000000 = 259.97

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) = -1.29
FCF Yield = 0.1612
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 = 0.004
Debt = 2.33
Market Cap = 0
Weight Debt = Market Cap / (Market Cap + Debt) = 0 / (0 + 2.33) = 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) = 9.51
β = 0.1638
Risk Premium = 5.91
Country Premium = 12.94
Cost Of Equity = 9.51 + 0.1638 * 5.91 + 12.94 = 0.2342
WACC = (0.004 / 2.33) * (100% - 0) * (1 - 0.2) + 0.2342 + 0 = 0.1373
Terminal Value = Discount (-1.29 * (1 + 0.1612) / (0.1373 - 0.1612)) = -9.3
Company Value = ∑ (-1.29 / (1 + 0.1373) ^ 5) = -4.86
Price = (Terminal Value + Company Value) / Count shares = (-9.3 + -4.86) / 4000000 = -3540.95