MOEX: YRSB - ТНС энерго Ярославль

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 = 21.76
CAGR EPS = 87.95%
Key Rate = 0.21
Excess Key Rate = 2
Price = 21.76 * (1 + 87.95%) / (0.21 * 2) = 97.36

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 Ebitda(5) * (1 + Ebitda Yield) / (WACC - Ebitda Yield)
Company Value = ∑ (Discount Ebitda / (1 + WACC) ^ 5)
Discount Ebitda(5) = 1.92
Ebitda Yield = 0.1016
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 = 0.082
Debt = 1.5
Market Cap = 17.22
Weight Debt = Market Cap / (Market Cap + Debt) = 17.22 / (17.22 + 1.5) = 0.9199
Weight Cost Debt = 100% - 0.9199 = 0.0801
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 = 0.5434
Risk Premium = 5.91
Country Premium = 12.94
Cost Of Equity = 10.06 + 0.5434 * 5.91 + 12.94 = 0.2621
WACC = (0.082 / 1.5) * (100% - 0.9199) * (1 - 0.2) + 0.2621 + 0.9199 = 4.57
Terminal Value = Discount (1.92 * (1 + 0.1016) / (4.57 - 0.1016)) = 30.33
Company Value = ∑ (1.92 / (1 + 4.57) ^ 5) = 6.95
Price = (Terminal Value + Company Value) / Count shares = (30.33 + 6.95) / 22000000 = 1694.46

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) = 2.24
FCF Yield = 0.2949
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 = 0.082
Debt = 1.5
Market Cap = 17.22
Weight Debt = Market Cap / (Market Cap + Debt) = 17.22 / (17.22 + 1.5) = 0.9199
Weight Cost Debt = 100% - 0.9199 = 0.0801
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 = 0.5434
Risk Premium = 5.91
Country Premium = 12.94
Cost Of Equity = 10.06 + 0.5434 * 5.91 + 12.94 = 0.2621
WACC = (0.082 / 1.5) * (100% - 0.9199) * (1 - 0.2) + 0.2621 + 0.9199 = 4.57
Terminal Value = Discount (2.24 * (1 + 0.2949) / (4.57 - 0.2949)) = 9.32
Company Value = ∑ (2.24 / (1 + 4.57) ^ 5) = 6.12
Price = (Terminal Value + Company Value) / Count shares = (9.32 + 6.12) / 22000000 = 701.53