MOEX: SOFL - Softline

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 = 9.57
CAGR EPS = 53%
Key Rate = 0.21
Excess Key Rate = 2
Price = 9.57 * (1 + 53%) / (0.21 * 2) = 34.85

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) = 11.33
Ebitda Yield = 0.1011
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 = 20
Market Cap = 52.94
Weight Debt = Market Cap / (Market Cap + Debt) = 52.94 / (52.94 + 20) = 0.7258
Weight Cost Debt = 100% - 0.7258 = 0.2742
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 = 0.1591
Risk Premium = 5.91
Country Premium = 12.94
Cost Of Equity = 9.92 + 0.1591 * 5.91 + 12.94 = 0.238
WACC = (0 / 20) * (100% - 0.7258) * (1 - 0.2) + 0.238 + 0.7258 = 0.1727
Terminal Value = Discount (11.33 * (1 + 0.1011) / (0.1727 - 0.1011)) = 124.44
Company Value = ∑ (11.33 / (1 + 0.1727) ^ 5) = 46.91
Price = (Terminal Value + Company Value) / Count shares = (124.44 + 46.91) / 324000000 = 528.85

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) = 16.02
FCF Yield = 0.2568
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 = 20
Market Cap = 52.94
Weight Debt = Market Cap / (Market Cap + Debt) = 52.94 / (52.94 + 20) = 0.7258
Weight Cost Debt = 100% - 0.7258 = 0.2742
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 = 0.1591
Risk Premium = 5.91
Country Premium = 12.94
Cost Of Equity = 9.92 + 0.1591 * 5.91 + 12.94 = 0.238
WACC = (0 / 20) * (100% - 0.7258) * (1 - 0.2) + 0.238 + 0.7258 = 0.1727
Terminal Value = Discount (16.02 * (1 + 0.2568) / (0.1727 - 0.2568)) = 78.26
Company Value = ∑ (16.02 / (1 + 0.1727) ^ 5) = 53.08
Price = (Terminal Value + Company Value) / Count shares = (78.26 + 53.08) / 324000000 = 405.38