MOEX: VSEH - ВсеИнструменты.ру

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 = 6.6
CAGR EPS = 112.84%
Key Rate = 0.21
Excess Key Rate = 2
Price = 6.6 * (1 + 112.84%) / (0.21 * 2) = 33.45

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) = 56.01
Ebitda Yield = 0.4103
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 = 2.1
Debt = 10.1
Market Cap = 58
Weight Debt = Market Cap / (Market Cap + Debt) = 58 / (58 + 10.1) = 0.8517
Weight Cost Debt = 100% - 0.8517 = 0.1483
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 = 1.87
Risk Premium = 5.91
Country Premium = 12.94
Cost Of Equity = 10.06 + 1.87 * 5.91 + 12.94 = 0.3405
WACC = (2.1 / 10.1) * (100% - 0.8517) * (1 - 0.2) + 0.3405 + 0.8517 = 16.78
Terminal Value = Discount (56.01 * (1 + 0.4103) / (16.78 - 0.4103)) = 150
Company Value = ∑ (56.01 / (1 + 16.78) ^ 5) = 91.59
Price = (Terminal Value + Company Value) / Count shares = (150 + 91.59) / 500000000 = 483.18

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) = 0
FCF Yield = -1.11
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 = 2.1
Debt = 10.1
Market Cap = 58
Weight Debt = Market Cap / (Market Cap + Debt) = 58 / (58 + 10.1) = 0.8517
Weight Cost Debt = 100% - 0.8517 = 0.1483
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 = 1.87
Risk Premium = 5.91
Country Premium = 12.94
Cost Of Equity = 10.06 + 1.87 * 5.91 + 12.94 = 0.3405
WACC = (2.1 / 10.1) * (100% - 0.8517) * (1 - 0.2) + 0.3405 + 0.8517 = 16.78
Terminal Value = Discount (0 * (1 + -1.11) / (16.78 - -1.11)) = 0
Company Value = ∑ (0 / (1 + 16.78) ^ 5) = 0.0187
Price = (Terminal Value + Company Value) / Count shares = (0 + 0.0187) / 500000000 = 0.0375