MOEX: FEES - Россети - ФСК ЕЭС

Price = Avg Price + (Avg Price * CAGR EPS% / 100)
EPS = Earning Per Share
CAGR EPS = CAGR 5 EPS
Key Rate — Nøkkelrente
Excess Key Rate — Ønsket overskridelse av styringsrenten
EPS = 0.0763
CAGR EPS = 42%
Key Rate = 0.21
Excess Key Rate = 2
Price = 0.1019 + (0.1019 * 42% / 100) = 0.1446

Price = (Terminal Value + Company Value) / Count shares
Price - Fair pris
Terminal Value — kostnad i perioden etter prognose
Company Value — kostnad i prognoseperioden
Count shares - Antall aksjer
Terminal Value = Discount Ebitda(5) * (1 + Ebitda Yield) / (WACC - Ebitda Yield)
Company Value = ∑ (Discount Ebitda / (1 + WACC) ^ 5)
Discount Ebitda(5) = 1551.25
Ebitda Yield = 0.2446
WACC = (Interest Expense / Debt) * (Weight Cost Debt) * (1 - Tax) + Cost Of Equity * Weight Debt
Interest Expense - Gjeldsbetjeningskostnader
Debt - Plikt
Weight Debt - Kapitaliseringsvekt i forhold til gjeld
Weight Cost Debt - Gjeldsvekt i forhold til kapitalisering
Tax - Avgift
Interest Expense = 0
Debt = 646.55
Market Cap = 221.66
Weight Debt = Market Cap / (Market Cap + Debt) = 221.66 / (221.66 + 646.55) = 0.2553
Weight Cost Debt = 100% - 0.2553 = 0.7447
Tax = 0.2
Cost Of Equity — diskonteringsrente
Cost Of Equity = k(f) + β * Risk Premium + Country Premium (Damodaran table)
k(f) — risikofri avkastning
β (beta) — bestemmer risikomålet for en aksje (aktiva) i forhold til markedet og viser sensitiviteten til endringer i aksjens lønnsomhet i forhold til endringer i markedslønnsomheten.
Risk Premium — risikopremie - premie for risikoen ved å investere i aksjer
Country Premium - landrisiko
k(f) = 10.06
β = 0.2494
Risk Premium = 5.91
Country Premium = 12.94
Cost Of Equity = 10.06 + 0.2494 * 5.91 + 12.94 = 0.2447
WACC = (0 / 646.55) * (100% - 0.2553) * (1 - 0.2) + 0.2447 + 0.2553 = 0.0625
Terminal Value = Discount (1551.25 * (1 + 0.2446) / (0.0625 - 0.2446)) = 7888.31
Company Value = ∑ (1551.25 / (1 + 0.0625) ^ 5) = 5238.83
Price = (Terminal Value + Company Value) / Count shares = (7888.31 + 5238.83) / 2113460000000 = 6.21

Price = (Terminal Value + Company Value) / Count shares
Price - Fair pris
Terminal Value — kostnad i perioden etter prognose
Company Value — kostnad i prognoseperioden
Count shares - Antall aksjer
Terminal Value = Discount FCF(5) * (1 + FCF Yield) / (WACC - FCF Yield)
Company Value = ∑ (Discount FCF / (1 + WACC) ^ 5)
Discount FCF(5) = 7.77
FCF Yield = -1.69
WACC = (Interest Expense / Debt) * (Weight Cost Debt) * (1 - Tax) + Cost Of Equity * Weight Debt
Interest Expense - Gjeldsbetjeningskostnader
Debt - Plikt
Weight Debt - Kapitaliseringsvekt i forhold til gjeld
Weight Cost Debt - Gjeldsvekt i forhold til kapitalisering
Tax - Avgift
Interest Expense = 0
Debt = 646.55
Market Cap = 221.66
Weight Debt = Market Cap / (Market Cap + Debt) = 221.66 / (221.66 + 646.55) = 0.2553
Weight Cost Debt = 100% - 0.2553 = 0.7447
Tax = 0.2
Cost Of Equity — diskonteringsrente
Cost Of Equity = k(f) + β * Risk Premium + Country Premium (Damodaran table)
k(f) — risikofri avkastning
β (beta) — bestemmer risikomålet for en aksje (aktiva) i forhold til markedet og viser sensitiviteten til endringer i aksjens lønnsomhet i forhold til endringer i markedslønnsomheten.
Risk Premium — risikopremie - premie for risikoen ved å investere i aksjer
Country Premium - landrisiko
k(f) = 10.06
β = 0.2494
Risk Premium = 5.91
Country Premium = 12.94
Cost Of Equity = 10.06 + 0.2494 * 5.91 + 12.94 = 0.2447
WACC = (0 / 646.55) * (100% - 0.2553) * (1 - 0.2) + 0.2447 + 0.2553 = 0.0625
Terminal Value = Discount (7.77 * (1 + -1.69) / (0.0625 - -1.69)) = -3.17
Company Value = ∑ (7.77 / (1 + 0.0625) ^ 5) = 23.24
Price = (Terminal Value + Company Value) / Count shares = (-3.17 + 23.24) / 2113460000000 = 0.0095