MOEX: SGZH - Сегежа Групп (Segezha)

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 = -1.07
CAGR EPS = 42%
Key Rate = 0.21
Excess Key Rate = 2
Price = 2.82 + (2.82 * 42% / 100) = 4

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) = 6.86
Ebitda Yield = -0.0721
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 = 16.48
Debt = 151.17
Market Cap = 46.76
Weight Debt = Market Cap / (Market Cap + Debt) = 46.76 / (46.76 + 151.17) = 0.2362
Weight Cost Debt = 100% - 0.2362 = 0.7638
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) = 10.06
β = 0.8919
Risk Premium = 5.91
Country Premium = 12.94
Cost Of Equity = 10.06 + 0.8919 * 5.91 + 12.94 = 0.2827
WACC = (16.48 / 151.17) * (100% - 0.2362) * (1 - 0.2) + 0.2827 + 0.2362 = 8.77
Terminal Value = Discount (6.86 * (1 + -0.0721) / (8.77 - -0.0721)) = 26.19
Company Value = ∑ (6.86 / (1 + 8.77) ^ 5) = 31.76
Price = (Terminal Value + Company Value) / Count shares = (26.19 + 31.76) / 15690000000 = 3.69

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) = 39.18
FCF Yield = -2.17
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 = 16.48
Debt = 151.17
Market Cap = 46.76
Weight Debt = Market Cap / (Market Cap + Debt) = 46.76 / (46.76 + 151.17) = 0.2362
Weight Cost Debt = 100% - 0.2362 = 0.7638
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) = 10.06
β = 0.8919
Risk Premium = 5.91
Country Premium = 12.94
Cost Of Equity = 10.06 + 0.8919 * 5.91 + 12.94 = 0.2827
WACC = (16.48 / 151.17) * (100% - 0.2362) * (1 - 0.2) + 0.2827 + 0.2362 = 8.77
Terminal Value = Discount (39.18 * (1 + -2.17) / (8.77 - -2.17)) = -13.35
Company Value = ∑ (39.18 / (1 + 8.77) ^ 5) = 22.52
Price = (Terminal Value + Company Value) / Count shares = (-13.35 + 22.52) / 15690000000 = 0.5844