MOEX: MOEX - Московская биржа

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 = 26.78
CAGR EPS = 24.48%
Key Rate = 0.21
Excess Key Rate = 2
Price = 26.78 * (1 + 24.48%) / (0.21 * 2) = 79.35

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 = 17.35
g = 0.3171
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 = 0.4115
Risk Premium = 5.91
Country Premium = 12.94
Cost Of Equity = 9.51 + 0.4115 * 5.91 + 12.94 = 0.2488
Price = (17.35 * (1 + 0.3171)) / (0.2488 - 0.3171) = 334.5

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) = 198.89
Ebitda Yield = 0.19
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 = 2.35
Debt = 0.0155
Market Cap = 523.16
Weight Debt = Market Cap / (Market Cap + Debt) = 523.16 / (523.16 + 0.0155) = 1
Weight Cost Debt = 100% - 1 = 0
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 = 0.4115
Risk Premium = 5.91
Country Premium = 12.94
Cost Of Equity = 9.51 + 0.4115 * 5.91 + 12.94 = 0.2488
WACC = (2.35 / 0.0155) * (100% - 1) * (1 - 0.2) + 0.2488 + 1 = 11996.75
Terminal Value = Discount (198.89 * (1 + 0.19) / (11996.75 - 0.19)) = 0
Company Value = ∑ (198.89 / (1 + 11996.75) ^ 5) = 0.828
Price = (Terminal Value + Company Value) / Count shares = (0 + 0.828) / 2276000000 = 0.3638

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) = 4.12
FCF Yield = -1.55
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 = 2.35
Debt = 0.0155
Market Cap = 523.16
Weight Debt = Market Cap / (Market Cap + Debt) = 523.16 / (523.16 + 0.0155) = 1
Weight Cost Debt = 100% - 1 = 0
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 = 0.4115
Risk Premium = 5.91
Country Premium = 12.94
Cost Of Equity = 9.51 + 0.4115 * 5.91 + 12.94 = 0.2488
WACC = (2.35 / 0.0155) * (100% - 1) * (1 - 0.2) + 0.2488 + 1 = 11996.75
Terminal Value = Discount (4.12 * (1 + -1.55) / (11996.75 - -1.55)) = 0
Company Value = ∑ (4.12 / (1 + 11996.75) ^ 5) = 0.3598
Price = (Terminal Value + Company Value) / Count shares = (0 + 0.3598) / 2276000000 = 0.1581