MOEX: QIWI - QIWI (КИВИ)

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 = 44.14
CAGR EPS = -10.69%
Key Rate = 0.21
Excess Key Rate = 2
Price = 44.14 * (1 + -10.69%) / (0.21 * 2) = 93.86

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) = 0.8369
Ebitda Yield = -0.1915
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
Debt = 0.27
Market Cap = 10.8
Weight Debt = Market Cap / (Market Cap + Debt) = 10.8 / (10.8 + 0.27) = 0.9756
Weight Cost Debt = 100% - 0.9756 = 0.0244
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 = 2.15
Risk Premium = 5.91
Country Premium = 12.94
Cost Of Equity = 8.88 + 2.15 * 5.91 + 12.94 = 0.3455
WACC = (0 / 0.27) * (100% - 0.9756) * (1 - 0.2) + 0.3455 + 0.9756 = 0.337
Terminal Value = Discount (0.8369 * (1 + -0.1915) / (0.337 - -0.1915)) = 3.41
Company Value = ∑ (0.8369 / (1 + 0.337) ^ 5) = 6.64
Price = (Terminal Value + Company Value) / Count shares = (3.41 + 6.64) / 63000000 = 159.53

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) = 9.52
FCF Yield = 0.0163
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
Debt = 0.27
Market Cap = 10.8
Weight Debt = Market Cap / (Market Cap + Debt) = 10.8 / (10.8 + 0.27) = 0.9756
Weight Cost Debt = 100% - 0.9756 = 0.0244
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 = 2.15
Risk Premium = 5.91
Country Premium = 12.94
Cost Of Equity = 8.88 + 2.15 * 5.91 + 12.94 = 0.3455
WACC = (0 / 0.27) * (100% - 0.9756) * (1 - 0.2) + 0.3455 + 0.9756 = 0.337
Terminal Value = Discount (9.52 * (1 + 0.0163) / (0.337 - 0.0163)) = 737.86
Company Value = ∑ (9.52 / (1 + 0.337) ^ 5) = 45.61
Price = (Terminal Value + Company Value) / Count shares = (737.86 + 45.61) / 63000000 = 12435.97