MOEX: ORUP - Обувь России

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 = -37.26
CAGR EPS = 42%
Key Rate = 0.21
Excess Key Rate = 2
Price = 2.57 + (2.57 * 42% / 100) = 3.65

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) = 0.4643
Ebitda Yield = -1.65
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 = 1.59
Debt = 12.76
Market Cap = 1.88
Weight Debt = Market Cap / (Market Cap + Debt) = 1.88 / (1.88 + 12.76) = 0.1284
Weight Cost Debt = 100% - 0.1284 = 0.8716
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 = 1.71
Risk Premium = 5.91
Country Premium = 12.94
Cost Of Equity = 8.53 + 1.71 * 5.91 + 12.94 = 0.316
WACC = (1.59 / 12.76) * (100% - 0.1284) * (1 - 0.2) + 0.316 + 0.1284 = 10
Terminal Value = Discount (0.4643 * (1 + -1.65) / (10 - -1.65)) = -0.1075
Company Value = ∑ (0.4643 / (1 + 10) ^ 5) = 1.55
Price = (Terminal Value + Company Value) / Count shares = (-0.1075 + 1.55) / 113000000 = 12.8

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) = 0.0299
FCF Yield = 0.1195
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 = 1.59
Debt = 12.76
Market Cap = 1.88
Weight Debt = Market Cap / (Market Cap + Debt) = 1.88 / (1.88 + 12.76) = 0.1284
Weight Cost Debt = 100% - 0.1284 = 0.8716
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 = 1.71
Risk Premium = 5.91
Country Premium = 12.94
Cost Of Equity = 8.53 + 1.71 * 5.91 + 12.94 = 0.316
WACC = (1.59 / 12.76) * (100% - 0.1284) * (1 - 0.2) + 0.316 + 0.1284 = 10
Terminal Value = Discount (0.0299 * (1 + 0.1195) / (10 - 0.1195)) = 1.07
Company Value = ∑ (0.0299 / (1 + 10) ^ 5) = 0.0897
Price = (Terminal Value + Company Value) / Count shares = (1.07 + 0.0897) / 113000000 = 10.22