MOEX: MSTT - Мостотрест

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 = 3.76
CAGR EPS = 15.22%
Key Rate = 0.21
Excess Key Rate = 2
Price = 3.76 * (1 + 15.22%) / (0.21 * 2) = 10.3

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) = 0.4981
FCF Yield = 0.1213
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 = 0.009
Debt = 0.176
Market Cap = 52.55
Weight Debt = Market Cap / (Market Cap + Debt) = 52.55 / (52.55 + 0.176) = 0.9967
Weight Cost Debt = 100% - 0.9967 = 0.0033
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 = 1.21
Risk Premium = 5.91
Country Premium = 12.94
Cost Of Equity = 8.53 + 1.21 * 5.91 + 12.94 = 0.286
WACC = (0.009 / 0.176) * (100% - 0.9967) * (1 - 0.2) + 0.286 + 0.9967 = 4.34
Terminal Value = Discount (0.4981 * (1 + 0.1213) / (4.34 - 0.1213)) = 5.8
Company Value = ∑ (0.4981 / (1 + 4.34) ^ 5) = 1.75
Price = (Terminal Value + Company Value) / Count shares = (5.8 + 1.75) / 282000000 = 26.77