MOEX: MRKK - МРСК Северного Кавказа

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 = -2.72
CAGR EPS = 42%
Key Rate = 0.21
Excess Key Rate = 2
Price = 22.42 + (22.42 * 42% / 100) = 31.84

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) = -2.31
Ebitda Yield = -0.1236
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 = 3.53
Market Cap = 91.99
Weight Debt = Market Cap / (Market Cap + Debt) = 91.99 / (91.99 + 3.53) = 0.963
Weight Cost Debt = 100% - 0.963 = 0.037
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 = -0.3338
Risk Premium = 5.91
Country Premium = 12.94
Cost Of Equity = 9.51 + -0.3338 * 5.91 + 12.94 = 0.2048
WACC = (0 / 3.53) * (100% - 0.963) * (1 - 0.2) + 0.2048 + 0.963 = 0.1972
Terminal Value = Discount (-2.31 * (1 + -0.1236) / (0.1972 - -0.1236)) = -15.93
Company Value = ∑ (-2.31 / (1 + 0.1972) ^ 5) = -15.19
Price = (Terminal Value + Company Value) / Count shares = (-15.93 + -15.19) / 4748000000 = -6.55

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) = -119.01
FCF Yield = 0.3824
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 = 3.53
Market Cap = 91.99
Weight Debt = Market Cap / (Market Cap + Debt) = 91.99 / (91.99 + 3.53) = 0.963
Weight Cost Debt = 100% - 0.963 = 0.037
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 = -0.3338
Risk Premium = 5.91
Country Premium = 12.94
Cost Of Equity = 9.51 + -0.3338 * 5.91 + 12.94 = 0.2048
WACC = (0 / 3.53) * (100% - 0.963) * (1 - 0.2) + 0.2048 + 0.963 = 0.1972
Terminal Value = Discount (-119.01 * (1 + 0.3824) / (0.1972 - 0.3824)) = -428.2
Company Value = ∑ (-119.01 / (1 + 0.1972) ^ 5) = -342.55
Price = (Terminal Value + Company Value) / Count shares = (-428.2 + -342.55) / 4748000000 = -162.33