MOEX: T - Т-Банк (Тинькофф Банк)

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 = 435.83
CAGR EPS = 13.71%
Key Rate = 0.21
Excess Key Rate = 2
Price = 435.83 * (1 + 13.71%) / (0.21 * 2) = 1179.99

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 = 92.5
g = 0.1889
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 = 1.02
Risk Premium = 5.91
Country Premium = 12.94
Cost Of Equity = 8.88 + 1.02 * 5.91 + 12.94 = 0.2783
Price = (92.5 * (1 + 0.1889)) / (0.2783 - 0.1889) = 1230.8

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) = 165.68
Ebitda Yield = 0.1108
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 = 51.73
Debt = 69.68
Market Cap = 561.83
Weight Debt = Market Cap / (Market Cap + Debt) = 561.83 / (561.83 + 69.68) = 0.8897
Weight Cost Debt = 100% - 0.8897 = 0.1103
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 = 1.02
Risk Premium = 5.91
Country Premium = 12.94
Cost Of Equity = 8.88 + 1.02 * 5.91 + 12.94 = 0.2783
WACC = (51.73 / 69.68) * (100% - 0.8897) * (1 - 0.2) + 0.2783 + 0.8897 = 59.11
Terminal Value = Discount (165.68 * (1 + 0.1108) / (59.11 - 0.1108)) = 37.57
Company Value = ∑ (165.68 / (1 + 59.11) ^ 5) = 188.99
Price = (Terminal Value + Company Value) / Count shares = (37.57 + 188.99) / 268000000 = 845.36

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) = 28.01
FCF Yield = -1.78
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 = 51.73
Debt = 69.68
Market Cap = 561.83
Weight Debt = Market Cap / (Market Cap + Debt) = 561.83 / (561.83 + 69.68) = 0.8897
Weight Cost Debt = 100% - 0.8897 = 0.1103
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 = 1.02
Risk Premium = 5.91
Country Premium = 12.94
Cost Of Equity = 8.88 + 1.02 * 5.91 + 12.94 = 0.2783
WACC = (51.73 / 69.68) * (100% - 0.8897) * (1 - 0.2) + 0.2783 + 0.8897 = 59.11
Terminal Value = Discount (28.01 * (1 + -1.78) / (59.11 - -1.78)) = -0.9048
Company Value = ∑ (28.01 / (1 + 59.11) ^ 5) = 32.49
Price = (Terminal Value + Company Value) / Count shares = (-0.9048 + 32.49) / 268000000 = 117.85