MOEX: YAKG - ЯТЭК

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 = 2.7
CAGR EPS = 12.46%
Key Rate = 0.21
Excess Key Rate = 2
Price = 2.7 * (1 + 12.46%) / (0.21 * 2) = 7.24

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) = 3.51
Ebitda Yield = -0.0281
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 = 0.949
Debt = 10.32
Market Cap = 63.47
Weight Debt = Market Cap / (Market Cap + Debt) = 63.47 / (63.47 + 10.32) = 0.8601
Weight Cost Debt = 100% - 0.8601 = 0.1399
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 = 1.21
Risk Premium = 5.91
Country Premium = 12.94
Cost Of Equity = 10.06 + 1.21 * 5.91 + 12.94 = 0.3016
WACC = (0.949 / 10.32) * (100% - 0.8601) * (1 - 0.2) + 0.3016 + 0.8601 = 7.55
Terminal Value = Discount (3.51 * (1 + -0.0281) / (7.55 - -0.0281)) = 22.86
Company Value = ∑ (3.51 / (1 + 7.55) ^ 5) = 15.07
Price = (Terminal Value + Company Value) / Count shares = (22.86 + 15.07) / 827000000 = 45.86

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) = 4.14
FCF Yield = 0.1396
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 = 0.949
Debt = 10.32
Market Cap = 63.47
Weight Debt = Market Cap / (Market Cap + Debt) = 63.47 / (63.47 + 10.32) = 0.8601
Weight Cost Debt = 100% - 0.8601 = 0.1399
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 = 1.21
Risk Premium = 5.91
Country Premium = 12.94
Cost Of Equity = 10.06 + 1.21 * 5.91 + 12.94 = 0.3016
WACC = (0.949 / 10.32) * (100% - 0.8601) * (1 - 0.2) + 0.3016 + 0.8601 = 7.55
Terminal Value = Discount (4.14 * (1 + 0.1396) / (7.55 - 0.1396)) = 51.13
Company Value = ∑ (4.14 / (1 + 7.55) ^ 5) = 12.84
Price = (Terminal Value + Company Value) / Count shares = (51.13 + 12.84) / 827000000 = 77.35