MOEX: ZILL - ЗИЛ

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 = 881.84
CAGR EPS = 21.73%
Key Rate = 0.21
Excess Key Rate = 2
Price = 881.84 * (1 + 21.73%) / (0.21 * 2) = 2555.86

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 Ebitda(5) * (1 + Ebitda Yield) / (WACC - Ebitda Yield)
Company Value = ∑ (Discount Ebitda / (1 + WACC) ^ 5)
Discount Ebitda(5) = 6.89
Ebitda Yield = -2.28
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 = 0.1747
Debt = 5.9
Market Cap = 0
Weight Debt = Market Cap / (Market Cap + Debt) = 0 / (0 + 5.9) = 0
Weight Cost Debt = 100% - 0 = 1
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 = 1.17
Risk Premium = 5.91
Country Premium = 12.94
Cost Of Equity = 10.06 + 1.17 * 5.91 + 12.94 = 0.2993
WACC = (0.1747 / 5.9) * (100% - 0) * (1 - 0.2) + 0.2993 + 0 = 2.37
Terminal Value = Discount (6.89 * (1 + -2.28) / (2.37 - -2.28)) = -3.41
Company Value = ∑ (6.89 / (1 + 2.37) ^ 5) = 4.52
Price = (Terminal Value + Company Value) / Count shares = (-3.41 + 4.52) / 3000000 = 370.3

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) = -346.86
FCF Yield = 1.14
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 = 0.1747
Debt = 5.9
Market Cap = 0
Weight Debt = Market Cap / (Market Cap + Debt) = 0 / (0 + 5.9) = 0
Weight Cost Debt = 100% - 0 = 1
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 = 1.17
Risk Premium = 5.91
Country Premium = 12.94
Cost Of Equity = 10.06 + 1.17 * 5.91 + 12.94 = 0.2993
WACC = (0.1747 / 5.9) * (100% - 0) * (1 - 0.2) + 0.2993 + 0 = 2.37
Terminal Value = Discount (-346.86 * (1 + 1.14) / (2.37 - 1.14)) = -590.88
Company Value = ∑ (-346.86 / (1 + 2.37) ^ 5) = -576.16
Price = (Terminal Value + Company Value) / Count shares = (-590.88 + -576.16) / 3000000 = -389013.8