MOEX: KUNF - КУЗОЦМ

Price = EPS * (1 + CAGR EPS) / (Key Rate * Excess Key Rate)
EPS = Earning Per Share
CAGR EPS = CAGR 5 EPS
Key Rate — Ключевая ставка
Excess Key Rate — Желаемое превышение ключевой ставки
EPS = 5.94
CAGR EPS = 0
Key Rate = 0.16
Excess Key Rate = 2
Price = 5.94 * (1 + 0) / (0.16 * 2) = 18.56