Component Name |
Calculation |
Information Source |
|
As the nominal risk-free rate, an alternative rate on the Bonds of the federal loan with maturity 11/12/2019 with a yield of 7.51% was chosen. |
(Finam, 2019a) |
ERP |
According to analytical data, 9,43% |
(Damodaran, 2019) |
|
Estimated data of the author. The period of shares observation was from 2017 to 2019, the number of observations – 508. Controversial is the choice of a market indicator (industry specifics of the IT industry are not taken into account). A decision was made to choose the RTSI index, as in its calculation there are companies from the IT segment. The estimated value is 0,34. |
(Finam, 2019b) |
P1 |
Estimated value 2,69 |
Risk classification |
Discount rate (CAPM) 1 (без P1) - 8,17 |
Discount rate (CAPM) 2 (c P1) - 10,86 |
Discount rate (cumulative method) 3 - 10 |