MOEX: NVTK - НОВАТЭК

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 = 154.95
CAGR EPS = 42%
Key Rate = 0.21
Excess Key Rate = 2
Price = 1218.6 + (1218.6 * 42% / 100) = 1730.41

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 = 79.59
g = 162.7
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 = 1.95
Risk Premium = 5.91
Country Premium = 12.94
Cost Of Equity = 9.51 + 1.95 * 5.91 + 12.94 = 0.34
Price = (79.59 * (1 + 162.7)) / (0.34 - 162.7) = 80.25

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) = 1091.04
Ebitda Yield = 0.1087
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 = 2.43
Debt = 224.36
Market Cap = 3157.15
Weight Debt = Market Cap / (Market Cap + Debt) = 3157.15 / (3157.15 + 224.36) = 0.9337
Weight Cost Debt = 100% - 0.9337 = 0.0663
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 = 1.95
Risk Premium = 5.91
Country Premium = 12.94
Cost Of Equity = 9.51 + 1.95 * 5.91 + 12.94 = 0.34
WACC = (2.43 / 224.36) * (100% - 0.9337) * (1 - 0.2) + 0.34 + 0.9337 = 1.18
Terminal Value = Discount (1091.04 * (1 + 0.1087) / (1.18 - 0.1087)) = 11769.35
Company Value = ∑ (1091.04 / (1 + 1.18) ^ 5) = 4320.95
Price = (Terminal Value + Company Value) / Count shares = (11769.35 + 4320.95) / 3036000000 = 5299.84

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) = 1006.28
FCF Yield = 0.1835
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 = 2.43
Debt = 224.36
Market Cap = 3157.15
Weight Debt = Market Cap / (Market Cap + Debt) = 3157.15 / (3157.15 + 224.36) = 0.9337
Weight Cost Debt = 100% - 0.9337 = 0.0663
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 = 1.95
Risk Premium = 5.91
Country Premium = 12.94
Cost Of Equity = 9.51 + 1.95 * 5.91 + 12.94 = 0.34
WACC = (2.43 / 224.36) * (100% - 0.9337) * (1 - 0.2) + 0.34 + 0.9337 = 1.18
Terminal Value = Discount (1006.28 * (1 + 0.1835) / (1.18 - 0.1835)) = 6539.45
Company Value = ∑ (1006.28 / (1 + 1.18) ^ 5) = 3554.01
Price = (Terminal Value + Company Value) / Count shares = (6539.45 + 3554.01) / 3036000000 = 3324.59