OTC: LUKOY - PJSC LUKOIL

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 = 17.46
CAGR EPS = 6.46%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 6.96 + (6.96 * 6.46% / 100) = 7.41

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) = 741.73
Ebitda Yield = -0.038
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 = 5.02
Debt = 757.95
Market Cap = 4.53
Weight Debt = Market Cap / (Market Cap + Debt) = 4.53 / (4.53 + 757.95) = 0.0059
Weight Cost Debt = 100% - 0.0059 = 0.9941
Tax = 0.21
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) = 2.75
β = 0
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.75 + 0 * 5.94 + 0 = 0.0275
WACC = (5.02 / 757.95) * (100% - 0.0059) * (1 - 0.21) + 0.0275 + 0.0059 = 0.523
Terminal Value = Discount (741.73 * (1 + -0.038) / (0.523 - -0.038)) = 16080.02
Company Value = ∑ (741.73 / (1 + 0.523) ^ 5) = 3952.83
Price = (Terminal Value + Company Value) / Count shares = (16080.02 + 3952.83) / 650340000 = 30803.67

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) = 10641.3
FCF Yield = 0.3059
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 = 5.02
Debt = 757.95
Market Cap = 4.53
Weight Debt = Market Cap / (Market Cap + Debt) = 4.53 / (4.53 + 757.95) = 0.0059
Weight Cost Debt = 100% - 0.0059 = 0.9941
Tax = 0.21
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) = 2.75
β = 0
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.75 + 0 * 5.94 + 0 = 0.0275
WACC = (5.02 / 757.95) * (100% - 0.0059) * (1 - 0.21) + 0.0275 + 0.0059 = 0.523
Terminal Value = Discount (10641.3 * (1 + 0.3059) / (0.523 - 0.3059)) = 45027.04
Company Value = ∑ (10641.3 / (1 + 0.523) ^ 5) = 32858.7
Price = (Terminal Value + Company Value) / Count shares = (45027.04 + 32858.7) / 650340000 = 119761.57