MOEX: MRKS - МРСК Сибири

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 = -0.0295
CAGR EPS = -271.33%
Key Rate = 0.21
Excess Key Rate = 2
Price = 0 + (0 * -271.33% / 100) = 0.1205

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) = 6.83
Ebitda Yield = -0.0124
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 = 4.21
Debt = 44.56
Market Cap = 62.29
Weight Debt = Market Cap / (Market Cap + Debt) = 62.29 / (62.29 + 44.56) = 0.583
Weight Cost Debt = 100% - 0.583 = 0.417
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) = 8.88
β = 1.72
Risk Premium = 5.91
Country Premium = 12.94
Cost Of Equity = 8.88 + 1.72 * 5.91 + 12.94 = 0.3196
WACC = (4.21 / 44.56) * (100% - 0.583) * (1 - 0.2) + 0.3196 + 0.583 = 7.7
Terminal Value = Discount (6.83 * (1 + -0.0124) / (7.7 - -0.0124)) = 52.09
Company Value = ∑ (6.83 / (1 + 7.7) ^ 5) = 28.25
Price = (Terminal Value + Company Value) / Count shares = (52.09 + 28.25) / 94815000000 = 0.8474

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) = -2.55
FCF Yield = -0.0376
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 = 4.21
Debt = 44.56
Market Cap = 62.29
Weight Debt = Market Cap / (Market Cap + Debt) = 62.29 / (62.29 + 44.56) = 0.583
Weight Cost Debt = 100% - 0.583 = 0.417
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) = 8.88
β = 1.72
Risk Premium = 5.91
Country Premium = 12.94
Cost Of Equity = 8.88 + 1.72 * 5.91 + 12.94 = 0.3196
WACC = (4.21 / 44.56) * (100% - 0.583) * (1 - 0.2) + 0.3196 + 0.583 = 7.7
Terminal Value = Discount (-2.55 * (1 + -0.0376) / (7.7 - -0.0376)) = -14.77
Company Value = ∑ (-2.55 / (1 + 7.7) ^ 5) = -11.16
Price = (Terminal Value + Company Value) / Count shares = (-14.77 + -11.16) / 94815000000 = -0.2735