MOEX: TGKB - ТГК-2

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 = -0.0144
CAGR EPS = 42%
Key Rate = 0.21
Excess Key Rate = 2
Price = 0.0109 + (0.0109 * 42% / 100) = 0.0155

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) = 5.4
Ebitda Yield = 0.0566
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 = 1.96
Debt = 12.02
Market Cap = 16.81
Weight Debt = Market Cap / (Market Cap + Debt) = 16.81 / (16.81 + 12.02) = 0.5832
Weight Cost Debt = 100% - 0.5832 = 0.4168
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 = 1.35
Risk Premium = 5.91
Country Premium = 12.94
Cost Of Equity = 10.06 + 1.35 * 5.91 + 12.94 = 0.31
WACC = (1.96 / 12.02) * (100% - 0.5832) * (1 - 0.2) + 0.31 + 0.5832 = 13.15
Terminal Value = Discount (5.4 * (1 + 0.0566) / (13.15 - 0.0566)) = 41.08
Company Value = ∑ (5.4 / (1 + 13.15) ^ 5) = 16.77
Price = (Terminal Value + Company Value) / Count shares = (41.08 + 16.77) / 1474906000000 = 0.0392

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) = 8.8
FCF Yield = 0.0252
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 = 1.96
Debt = 12.02
Market Cap = 16.81
Weight Debt = Market Cap / (Market Cap + Debt) = 16.81 / (16.81 + 12.02) = 0.5832
Weight Cost Debt = 100% - 0.5832 = 0.4168
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 = 1.35
Risk Premium = 5.91
Country Premium = 12.94
Cost Of Equity = 10.06 + 1.35 * 5.91 + 12.94 = 0.31
WACC = (1.96 / 12.02) * (100% - 0.5832) * (1 - 0.2) + 0.31 + 0.5832 = 13.15
Terminal Value = Discount (8.8 * (1 + 0.0252) / (13.15 - 0.0252)) = 45.71
Company Value = ∑ (8.8 / (1 + 13.15) ^ 5) = 29.17
Price = (Terminal Value + Company Value) / Count shares = (45.71 + 29.17) / 1474906000000 = 0.0508