MOEX: MTLR - Мечел

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 = 55.14
CAGR EPS = 31.73%
Key Rate = 0.21
Excess Key Rate = 2
Price = 193.5 + (193.5 * 31.73% / 100) = 254.9

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) = 69.52
Ebitda Yield = 0.0446
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 = 28.24
Debt = 256.18
Market Cap = 126.62
Weight Debt = Market Cap / (Market Cap + Debt) = 126.62 / (126.62 + 256.18) = 0.3308
Weight Cost Debt = 100% - 0.3308 = 0.6692
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) = 9.92
β = 0.2855
Risk Premium = 5.91
Country Premium = 12.94
Cost Of Equity = 9.92 + 0.2855 * 5.91 + 12.94 = 0.2455
WACC = (28.24 / 256.18) * (100% - 0.3308) * (1 - 0.2) + 0.2455 + 0.3308 = 8.87
Terminal Value = Discount (69.52 * (1 + 0.0446) / (8.87 - 0.0446)) = 1076.14
Company Value = ∑ (69.52 / (1 + 8.87) ^ 5) = 247.3
Price = (Terminal Value + Company Value) / Count shares = (1076.14 + 247.3) / 555000000 = 2384.58

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) = 0.0117
FCF Yield = -1.32
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 = 28.24
Debt = 256.18
Market Cap = 126.62
Weight Debt = Market Cap / (Market Cap + Debt) = 126.62 / (126.62 + 256.18) = 0.3308
Weight Cost Debt = 100% - 0.3308 = 0.6692
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) = 9.92
β = 0.2855
Risk Premium = 5.91
Country Premium = 12.94
Cost Of Equity = 9.92 + 0.2855 * 5.91 + 12.94 = 0.2455
WACC = (28.24 / 256.18) * (100% - 0.3308) * (1 - 0.2) + 0.2455 + 0.3308 = 8.87
Terminal Value = Discount (0.0117 * (1 + -1.32) / (8.87 - -1.32)) = -0.0017
Company Value = ∑ (0.0117 / (1 + 8.87) ^ 5) = 0.8342
Price = (Terminal Value + Company Value) / Count shares = (-0.0017 + 0.8342) / 555000000 = 1.5