MOEX: KMEZ - КМЗ

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 = 56.11
CAGR EPS = 42%
Key Rate = 0.21
Excess Key Rate = 2
Price = 1590 + (1590 * 42% / 100) = 2257.8

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) = 0.0797
Ebitda Yield = -0.1363
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 = 0.004
Debt = 2.33
Market Cap = 0
Weight Debt = Market Cap / (Market Cap + Debt) = 0 / (0 + 2.33) = 0
Weight Cost Debt = 100% - 0 = 1
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) = 9.51
β = 0.3065
Risk Premium = 5.91
Country Premium = 12.94
Cost Of Equity = 9.51 + 0.3065 * 5.91 + 12.94 = 0.2426
WACC = (0.004 / 2.33) * (100% - 0) * (1 - 0.2) + 0.2426 + 0 = 0.1373
Terminal Value = Discount (0.0797 * (1 + -0.1363) / (0.1373 - -0.1363)) = 0.4963
Company Value = ∑ (0.0797 / (1 + 0.1373) ^ 5) = 0.5436
Price = (Terminal Value + Company Value) / Count shares = (0.4963 + 0.5436) / 4000000 = 259.97

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) = -0.9148
FCF Yield = 0.0843
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 = 0.004
Debt = 2.33
Market Cap = 0
Weight Debt = Market Cap / (Market Cap + Debt) = 0 / (0 + 2.33) = 0
Weight Cost Debt = 100% - 0 = 1
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) = 9.51
β = 0.3065
Risk Premium = 5.91
Country Premium = 12.94
Cost Of Equity = 9.51 + 0.3065 * 5.91 + 12.94 = 0.2426
WACC = (0.004 / 2.33) * (100% - 0) * (1 - 0.2) + 0.2426 + 0 = 0.1373
Terminal Value = Discount (-0.9148 * (1 + 0.0843) / (0.1373 - 0.0843)) = -11.88
Company Value = ∑ (-0.9148 / (1 + 0.1373) ^ 5) = -3.9
Price = (Terminal Value + Company Value) / Count shares = (-11.88 + -3.9) / 4000000 = -3945.64