MOEX: LENT - Лента

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 = 46.64
CAGR EPS = 42%
Key Rate = 0.21
Excess Key Rate = 2
Price = 1256.25 + (1256.25 * 42% / 100) = 1783.88

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) = 106.19
Ebitda Yield = 0.0929
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 = 133.9
Market Cap = 129.21
Weight Debt = Market Cap / (Market Cap + Debt) = 129.21 / (129.21 + 133.9) = 0.4911
Weight Cost Debt = 100% - 0.4911 = 0.5089
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 = 1.45
Risk Premium = 5.91
Country Premium = 12.94
Cost Of Equity = 10.06 + 1.45 * 5.91 + 12.94 = 0.3155
WACC = (0 / 133.9) * (100% - 0.4911) * (1 - 0.2) + 0.3155 + 0.4911 = 0.1549
Terminal Value = Discount (106.19 * (1 + 0.0929) / (0.1549 - 0.0929)) = 1260.47
Company Value = ∑ (106.19 / (1 + 0.1549) ^ 5) = 445.82
Price = (Terminal Value + Company Value) / Count shares = (1260.47 + 445.82) / 115000000 = 14837.27

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) = 45.73
FCF Yield = 0.0774
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 = 133.9
Market Cap = 129.21
Weight Debt = Market Cap / (Market Cap + Debt) = 129.21 / (129.21 + 133.9) = 0.4911
Weight Cost Debt = 100% - 0.4911 = 0.5089
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 = 1.45
Risk Premium = 5.91
Country Premium = 12.94
Cost Of Equity = 10.06 + 1.45 * 5.91 + 12.94 = 0.3155
WACC = (0 / 133.9) * (100% - 0.4911) * (1 - 0.2) + 0.3155 + 0.4911 = 0.1549
Terminal Value = Discount (45.73 * (1 + 0.0774) / (0.1549 - 0.0774)) = 644.56
Company Value = ∑ (45.73 / (1 + 0.1549) ^ 5) = 197.11
Price = (Terminal Value + Company Value) / Count shares = (644.56 + 197.11) / 115000000 = 7318.85