MOEX: RENI - Ренессанс Страхование

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 = 18.49
CAGR EPS = 12.52%
Key Rate = 0.21
Excess Key Rate = 2
Price = 18.49 * (1 + 12.52%) / (0.21 * 2) = 49.55

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 = 5.9
g = 0
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 = 0.1551
Risk Premium = 5.91
Country Premium = 12.94
Cost Of Equity = 8.88 + 0.1551 * 5.91 + 12.94 = 0.2274
Price = (5.9 * (1 + 0)) / (0.2274 - 0) = 25.95

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) = 5.63
Ebitda Yield = 0
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 = 2.45
Market Cap = 55.44
Weight Debt = Market Cap / (Market Cap + Debt) = 55.44 / (55.44 + 2.45) = 0.9577
Weight Cost Debt = 100% - 0.9577 = 0.0423
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 = 0.1551
Risk Premium = 5.91
Country Premium = 12.94
Cost Of Equity = 8.88 + 0.1551 * 5.91 + 12.94 = 0.2274
WACC = (0 / 2.45) * (100% - 0.9577) * (1 - 0.2) + 0.2274 + 0.9577 = 0.2177
Terminal Value = Discount (5.63 * (1 + 0) / (0.2177 - 0)) = 2557.64
Company Value = ∑ (5.63 / (1 + 0.2177) ^ 5) = 27.97
Price = (Terminal Value + Company Value) / Count shares = (2557.64 + 27.97) / 557000000 = 4642.03

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) = 24
FCF Yield = 0.096
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 = 2.45
Market Cap = 55.44
Weight Debt = Market Cap / (Market Cap + Debt) = 55.44 / (55.44 + 2.45) = 0.9577
Weight Cost Debt = 100% - 0.9577 = 0.0423
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 = 0.1551
Risk Premium = 5.91
Country Premium = 12.94
Cost Of Equity = 8.88 + 0.1551 * 5.91 + 12.94 = 0.2274
WACC = (0 / 2.45) * (100% - 0.9577) * (1 - 0.2) + 0.2274 + 0.9577 = 0.2177
Terminal Value = Discount (24 * (1 + 0.096) / (0.2177 - 0.096)) = 277.15
Company Value = ∑ (24 / (1 + 0.2177) ^ 5) = 100.02
Price = (Terminal Value + Company Value) / Count shares = (277.15 + 100.02) / 557000000 = 677.14