Sberbank's investors are very optimistic about the company.

They evaluate the stock based on the best slope angle of the linear approximation.

Figure 1.

But it's worth remembering that growth is always limited by investment potential.

How can this be described?

Physically, any movement always has two vectors: an active kinetic motion vector and a passive potential motion vector that defines the boundaries of possibilities.

It's like a sine with a cosine in mathematics.

Figure 2.

When the sine increases, the cosine decreases, and vice versa.

Thus, if we want to get a description, we need these two vectors.

One vector is the net profit from which dividends are paid.

Another factor is the possibility of payment, which can be defined as the ratio between liquid assets of the balance sheet and illiquid assets.

So, the formula is ready.

= net profit * (liquid assets / illiquid assets)

The results are shown below, along with the dividends paid.

Figure 3.

The next step is to linearly approximate it and plot it on a graph of stock prices with two calculation options, which are shown in Graph 1.