MOEX: MGNT - Магнит

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 = 661.03
CAGR EPS = 46.48%
Key Rate = 0.21
Excess Key Rate = 2
Price = 661.03 * (1 + 46.48%) / (0.21 * 2) = 2305.4

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 = 824.26
g = 0.1979
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) = 8.53
β = 1.8
Risk Premium = 5.91
Country Premium = 12.94
Cost Of Equity = 8.53 + 1.8 * 5.91 + 12.94 = 0.3211
Price = (824.26 * (1 + 0.1979)) / (0.3211 - 0.1979) = 8015.14

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) = 547.92
Ebitda Yield = 0.1241
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 = 99.1
Debt = 894.56
Market Cap = 664.66
Weight Debt = Market Cap / (Market Cap + Debt) = 664.66 / (664.66 + 894.56) = 0.4263
Weight Cost Debt = 100% - 0.4263 = 0.5737
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) = 8.53
β = 1.8
Risk Premium = 5.91
Country Premium = 12.94
Cost Of Equity = 8.53 + 1.8 * 5.91 + 12.94 = 0.3211
WACC = (99.1 / 894.56) * (100% - 0.4263) * (1 - 0.2) + 0.3211 + 0.4263 = 8.96
Terminal Value = Discount (547.92 * (1 + 0.1241) / (8.96 - 0.1241)) = 11632.77
Company Value = ∑ (547.92 / (1 + 8.96) ^ 5) = 1677.58
Price = (Terminal Value + Company Value) / Count shares = (11632.77 + 1677.58) / 102000000 = 130493.62

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) = 157.12
FCF Yield = 0.1565
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 = 99.1
Debt = 894.56
Market Cap = 664.66
Weight Debt = Market Cap / (Market Cap + Debt) = 664.66 / (664.66 + 894.56) = 0.4263
Weight Cost Debt = 100% - 0.4263 = 0.5737
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) = 8.53
β = 1.8
Risk Premium = 5.91
Country Premium = 12.94
Cost Of Equity = 8.53 + 1.8 * 5.91 + 12.94 = 0.3211
WACC = (99.1 / 894.56) * (100% - 0.4263) * (1 - 0.2) + 0.3211 + 0.4263 = 8.96
Terminal Value = Discount (157.12 * (1 + 0.1565) / (8.96 - 0.1565)) = 1768.52
Company Value = ∑ (157.12 / (1 + 8.96) ^ 5) = 455.64
Price = (Terminal Value + Company Value) / Count shares = (1768.52 + 455.64) / 102000000 = 21805.5