MOEX: SVCB - Совкомбанк

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 = 4.66
CAGR EPS = 0%
Key Rate = 0.21
Excess Key Rate = 2
Price = 4.66 * (1 + 0%) / (0.21 * 2) = 11.1

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) = 305.41
Ebitda Yield = 0.1105
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 = 104
Debt = 0
Market Cap = 357.59
Weight Debt = Market Cap / (Market Cap + Debt) = 357.59 / (357.59 + 0) = 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) = 10.06
β = 1.73
Risk Premium = 5.91
Country Premium = 12.94
Cost Of Equity = 10.06 + 1.73 * 5.91 + 12.94 = 0.3321
WACC = (104 / 0) * (100% - 0) * (1 - 0.2) + 0.3321 + 0 = 0
Terminal Value = Discount (305.41 * (1 + 0.1105) / (0 - 0.1105)) = 3068.45
Company Value = ∑ (305.41 / (1 + 0) ^ 5) = 1251.84
Price = (Terminal Value + Company Value) / Count shares = (3068.45 + 1251.84) / 22516000000 = 191.88

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) = 305.41
FCF Yield = 0.1105
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 = 104
Debt = 0
Market Cap = 357.59
Weight Debt = Market Cap / (Market Cap + Debt) = 357.59 / (357.59 + 0) = 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) = 10.06
β = 1.73
Risk Premium = 5.91
Country Premium = 12.94
Cost Of Equity = 10.06 + 1.73 * 5.91 + 12.94 = 0.3321
WACC = (104 / 0) * (100% - 0) * (1 - 0.2) + 0.3321 + 0 = 0
Terminal Value = Discount (305.41 * (1 + 0.1105) / (0 - 0.1105)) = 3068.45
Company Value = ∑ (305.41 / (1 + 0) ^ 5) = 1251.84
Price = (Terminal Value + Company Value) / Count shares = (3068.45 + 1251.84) / 22516000000 = 191.88