MOEX: MGTS - МГТС

Price = EPS * (1 + CAGR EPS) / (Key Rate * Excess Key Rate)
EPS = Earning Per Share
CAGR EPS = CAGR 5 EPS
Key Rate — Nøkkelrente
Excess Key Rate — Ønsket overskridelse av styringsrenten
EPS = 307.62
CAGR EPS = 17.79%
Key Rate = 0.21
Excess Key Rate = 2
Price = 307.62 * (1 + 17.79%) / (0.21 * 2) = 862.69

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) = 23.06
Ebitda Yield = -0.013
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 = 1.38
Debt = 11.26
Market Cap = 131.22
Weight Debt = Market Cap / (Market Cap + Debt) = 131.22 / (131.22 + 11.26) = 0.9209
Weight Cost Debt = 100% - 0.9209 = 0.0791
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 = 0.7643
Risk Premium = 5.91
Country Premium = 12.94
Cost Of Equity = 10.06 + 0.7643 * 5.91 + 12.94 = 0.2752
WACC = (1.38 / 11.26) * (100% - 0.9209) * (1 - 0.2) + 0.2752 + 0.9209 = 9.97
Terminal Value = Discount (23.06 * (1 + -0.013) / (9.97 - -0.013)) = 125.57
Company Value = ∑ (23.06 / (1 + 9.97) ^ 5) = 90.04
Price = (Terminal Value + Company Value) / Count shares = (125.57 + 90.04) / 96000000 = 2245.92

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) = 8.13
FCF Yield = -0.0334
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 = 1.38
Debt = 11.26
Market Cap = 131.22
Weight Debt = Market Cap / (Market Cap + Debt) = 131.22 / (131.22 + 11.26) = 0.9209
Weight Cost Debt = 100% - 0.9209 = 0.0791
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 = 0.7643
Risk Premium = 5.91
Country Premium = 12.94
Cost Of Equity = 10.06 + 0.7643 * 5.91 + 12.94 = 0.2752
WACC = (1.38 / 11.26) * (100% - 0.9209) * (1 - 0.2) + 0.2752 + 0.9209 = 9.97
Terminal Value = Discount (8.13 * (1 + -0.0334) / (9.97 - -0.0334)) = 36.7
Company Value = ∑ (8.13 / (1 + 9.97) ^ 5) = 33.26
Price = (Terminal Value + Company Value) / Count shares = (36.7 + 33.26) / 96000000 = 728.76