MOEX: NSVZ - Наука-Связь

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 = 4.01
CAGR EPS = 730.04%
Key Rate = 0.21
Excess Key Rate = 2
Price = 4.01 * (1 + 730.04%) / (0.21 * 2) = 79.29

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) = 3.13
Ebitda Yield = 0.2634
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 = 0.164
Debt = 1.48
Market Cap = 7.33
Weight Debt = Market Cap / (Market Cap + Debt) = 7.33 / (7.33 + 1.48) = 0.8321
Weight Cost Debt = 100% - 0.8321 = 0.1679
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) = 10.06
β = 1.03
Risk Premium = 5.91
Country Premium = 12.94
Cost Of Equity = 10.06 + 1.03 * 5.91 + 12.94 = 0.291
WACC = (0.164 / 1.48) * (100% - 0.8321) * (1 - 0.2) + 0.291 + 0.8321 = 9.03
Terminal Value = Discount (3.13 * (1 + 0.2634) / (9.03 - 0.2634)) = 14.8
Company Value = ∑ (3.13 / (1 + 9.03) ^ 5) = 7.72
Price = (Terminal Value + Company Value) / Count shares = (14.8 + 7.72) / 16000000 = 1407.55

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) = -8
FCF Yield = 0.5678
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 = 0.164
Debt = 1.48
Market Cap = 7.33
Weight Debt = Market Cap / (Market Cap + Debt) = 7.33 / (7.33 + 1.48) = 0.8321
Weight Cost Debt = 100% - 0.8321 = 0.1679
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) = 10.06
β = 1.03
Risk Premium = 5.91
Country Premium = 12.94
Cost Of Equity = 10.06 + 1.03 * 5.91 + 12.94 = 0.291
WACC = (0.164 / 1.48) * (100% - 0.8321) * (1 - 0.2) + 0.291 + 0.8321 = 9.03
Terminal Value = Discount (-8 * (1 + 0.5678) / (9.03 - 0.5678)) = -17.05
Company Value = ∑ (-8 / (1 + 9.03) ^ 5) = -14.28
Price = (Terminal Value + Company Value) / Count shares = (-17.05 + -14.28) / 16000000 = -1958.14