MOEX: MAGN - ММК

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 = 10.58
CAGR EPS = 42%
Key Rate = 0.21
Excess Key Rate = 2
Price = 48.33 + (48.33 * 42% / 100) = 68.63

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 = 5.25
g = 0.4767
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 = 0.5661
Risk Premium = 5.91
Country Premium = 12.94
Cost Of Equity = 10.06 + 0.5661 * 5.91 + 12.94 = 0.2635
Price = (5.25 * (1 + 0.4767)) / (0.2635 - 0.4767) = 36.33

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) = 180.96
Ebitda Yield = 0.0341
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 = 4.83
Debt = 72.52
Market Cap = 610.01
Weight Debt = Market Cap / (Market Cap + Debt) = 610.01 / (610.01 + 72.52) = 0.8937
Weight Cost Debt = 100% - 0.8937 = 0.1063
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 = 0.5661
Risk Premium = 5.91
Country Premium = 12.94
Cost Of Equity = 10.06 + 0.5661 * 5.91 + 12.94 = 0.2635
WACC = (4.83 / 72.52) * (100% - 0.8937) * (1 - 0.2) + 0.2635 + 0.8937 = 5.52
Terminal Value = Discount (180.96 * (1 + 0.0341) / (5.52 - 0.0341)) = 6807.09
Company Value = ∑ (180.96 / (1 + 5.52) ^ 5) = 720.48
Price = (Terminal Value + Company Value) / Count shares = (6807.09 + 720.48) / 11174000000 = 673.67

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 FCF(5) * (1 + FCF Yield) / (WACC - FCF Yield)
Company Value = ∑ (Discount FCF / (1 + WACC) ^ 5)
Discount FCF(5) = 19.68
FCF Yield = -0.0809
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 = 4.83
Debt = 72.52
Market Cap = 610.01
Weight Debt = Market Cap / (Market Cap + Debt) = 610.01 / (610.01 + 72.52) = 0.8937
Weight Cost Debt = 100% - 0.8937 = 0.1063
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 = 0.5661
Risk Premium = 5.91
Country Premium = 12.94
Cost Of Equity = 10.06 + 0.5661 * 5.91 + 12.94 = 0.2635
WACC = (4.83 / 72.52) * (100% - 0.8937) * (1 - 0.2) + 0.2635 + 0.8937 = 5.52
Terminal Value = Discount (19.68 * (1 + -0.0809) / (5.52 - -0.0809)) = 101.63
Company Value = ∑ (19.68 / (1 + 5.52) ^ 5) = 101.04
Price = (Terminal Value + Company Value) / Count shares = (101.63 + 101.04) / 11174000000 = 18.14