MOEX: PRMD - ПРОМОМЕД ДМ

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 = 12.6
CAGR EPS = 0%
Key Rate = 0.21
Excess Key Rate = 2
Price = 12.6 * (1 + 0%) / (0.21 * 2) = 30

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) = 13.03
Ebitda Yield = 0.1156
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 = 2.47
Debt = 18.9
Market Cap = 75.3
Weight Debt = Market Cap / (Market Cap + Debt) = 75.3 / (75.3 + 18.9) = 0.7994
Weight Cost Debt = 100% - 0.7994 = 0.2006
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) = 8.88
β = 0
Risk Premium = 5.91
Country Premium = 12.94
Cost Of Equity = 8.88 + 0 * 5.91 + 12.94 = 0.2182
WACC = (2.47 / 18.9) * (100% - 0.7994) * (1 - 0.2) + 0.2182 + 0.7994 = 10.55
Terminal Value = Discount (13.03 * (1 + 0.1156) / (10.55 - 0.1156)) = 870.71
Company Value = ∑ (13.03 / (1 + 10.55) ^ 5) = 38.75
Price = (Terminal Value + Company Value) / Count shares = (870.71 + 38.75) / 200000000 = 4547.28

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) = -42.47
FCF Yield = 0.4938
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 = 2.47
Debt = 18.9
Market Cap = 75.3
Weight Debt = Market Cap / (Market Cap + Debt) = 75.3 / (75.3 + 18.9) = 0.7994
Weight Cost Debt = 100% - 0.7994 = 0.2006
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) = 8.88
β = 0
Risk Premium = 5.91
Country Premium = 12.94
Cost Of Equity = 8.88 + 0 * 5.91 + 12.94 = 0.2182
WACC = (2.47 / 18.9) * (100% - 0.7994) * (1 - 0.2) + 0.2182 + 0.7994 = 10.55
Terminal Value = Discount (-42.47 * (1 + 0.4938) / (10.55 - 0.4938)) = -98.96
Company Value = ∑ (-42.47 / (1 + 10.55) ^ 5) = -76.99
Price = (Terminal Value + Company Value) / Count shares = (-98.96 + -76.99) / 200000000 = -879.74