MOEX: SMLT - Самолет

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 = 272.49
CAGR EPS = 96.68%
Key Rate = 0.21
Excess Key Rate = 2
Price = 272.49 * (1 + 96.68%) / (0.21 * 2) = 1276.03

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 Ebitda(5) * (1 + Ebitda Yield) / (WACC - Ebitda Yield)
Company Value = ∑ (Discount Ebitda / (1 + WACC) ^ 5)
Discount Ebitda(5) = 1166.59
Ebitda Yield = 0.6639
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 = 14.9
Debt = 513.26
Market Cap = 188.83
Weight Debt = Market Cap / (Market Cap + Debt) = 188.83 / (188.83 + 513.26) = 0.269
Weight Cost Debt = 100% - 0.269 = 0.731
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) = 9.92
β = -0.1999
Risk Premium = 5.91
Country Premium = 12.94
Cost Of Equity = 9.92 + -0.1999 * 5.91 + 12.94 = 0.2168
WACC = (14.9 / 513.26) * (100% - 0.269) * (1 - 0.2) + 0.2168 + 0.269 = 2.37
Terminal Value = Discount (1166.59 * (1 + 0.6639) / (2.37 - 0.6639)) = 2696.56
Company Value = ∑ (1166.59 / (1 + 2.37) ^ 5) = 2458.79
Price = (Terminal Value + Company Value) / Count shares = (2696.56 + 2458.79) / 62000000 = 83150.81

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) = -2401.42
FCF Yield = 0.7542
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 = 14.9
Debt = 513.26
Market Cap = 188.83
Weight Debt = Market Cap / (Market Cap + Debt) = 188.83 / (188.83 + 513.26) = 0.269
Weight Cost Debt = 100% - 0.269 = 0.731
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) = 9.92
β = -0.1999
Risk Premium = 5.91
Country Premium = 12.94
Cost Of Equity = 9.92 + -0.1999 * 5.91 + 12.94 = 0.2168
WACC = (14.9 / 513.26) * (100% - 0.269) * (1 - 0.2) + 0.2168 + 0.269 = 2.37
Terminal Value = Discount (-2401.42 * (1 + 0.7542) / (2.37 - 0.7542)) = -5128.74
Company Value = ∑ (-2401.42 / (1 + 2.37) ^ 5) = -4781.5
Price = (Terminal Value + Company Value) / Count shares = (-5128.74 + -4781.5) / 62000000 = -159842.45