MOEX: RUSI - ИК РУСС-ИНВЕСТ

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 = 4.86
CAGR EPS = 44.05%
Key Rate = 0.21
Excess Key Rate = 2
Price = 4.86 * (1 + 44.05%) / (0.21 * 2) = 16.67

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) = 0.6298
Ebitda Yield = 0.2053
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 = 0.0017
Debt = 0.0168
Market Cap = 0
Weight Debt = Market Cap / (Market Cap + Debt) = 0 / (0 + 0.0168) = 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) = 8.88
β = 2.29
Risk Premium = 5.91
Country Premium = 12.94
Cost Of Equity = 8.88 + 2.29 * 5.91 + 12.94 = 0.3538
WACC = (0.0017 / 0.0168) * (100% - 0) * (1 - 0.2) + 0.3538 + 0 = 8.1
Terminal Value = Discount (0.6298 * (1 + 0.2053) / (8.1 - 0.2053)) = 4.14
Company Value = ∑ (0.6298 / (1 + 8.1) ^ 5) = 1.74
Price = (Terminal Value + Company Value) / Count shares = (4.14 + 1.74) / 108500000 = 54.13

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) = 0.1122
FCF Yield = -1.71
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 = 0.0017
Debt = 0.0168
Market Cap = 0
Weight Debt = Market Cap / (Market Cap + Debt) = 0 / (0 + 0.0168) = 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) = 8.88
β = 2.29
Risk Premium = 5.91
Country Premium = 12.94
Cost Of Equity = 8.88 + 2.29 * 5.91 + 12.94 = 0.3538
WACC = (0.0017 / 0.0168) * (100% - 0) * (1 - 0.2) + 0.3538 + 0 = 8.1
Terminal Value = Discount (0.1122 * (1 + -1.71) / (8.1 - -1.71)) = -0.0301
Company Value = ∑ (0.1122 / (1 + 8.1) ^ 5) = 0.2785
Price = (Terminal Value + Company Value) / Count shares = (-0.0301 + 0.2785) / 108500000 = 2.29