MOEX: TASB - Тамбовэнергосбыт

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 = 0.2043
CAGR EPS = 76.77%
Key Rate = 0.21
Excess Key Rate = 2
Price = 0.2043 * (1 + 76.77%) / (0.21 * 2) = 0.86

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) = 2.12
Ebitda Yield = 0.4301
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 = 0.000996
Debt = 0.0167
Market Cap = 0
Weight Debt = Market Cap / (Market Cap + Debt) = 0 / (0 + 0.0167) = 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) = 9.92
β = 0.6983
Risk Premium = 5.91
Country Premium = 12.94
Cost Of Equity = 9.92 + 0.6983 * 5.91 + 12.94 = 0.2699
WACC = (0.000996 / 0.0167) * (100% - 0) * (1 - 0.2) + 0.2699 + 0 = 4.77
Terminal Value = Discount (2.12 * (1 + 0.4301) / (4.77 - 0.4301)) = 6.29
Company Value = ∑ (2.12 / (1 + 4.77) ^ 5) = 4.96
Price = (Terminal Value + Company Value) / Count shares = (6.29 + 4.96) / 1744000000 = 6.45

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) = 0.6393
FCF Yield = 0.1569
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 = 0.000996
Debt = 0.0167
Market Cap = 0
Weight Debt = Market Cap / (Market Cap + Debt) = 0 / (0 + 0.0167) = 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) = 9.92
β = 0.6983
Risk Premium = 5.91
Country Premium = 12.94
Cost Of Equity = 9.92 + 0.6983 * 5.91 + 12.94 = 0.2699
WACC = (0.000996 / 0.0167) * (100% - 0) * (1 - 0.2) + 0.2699 + 0 = 4.77
Terminal Value = Discount (0.6393 * (1 + 0.1569) / (4.77 - 0.1569)) = 5.36
Company Value = ∑ (0.6393 / (1 + 4.77) ^ 5) = 2.1
Price = (Terminal Value + Company Value) / Count shares = (5.36 + 2.1) / 1744000000 = 4.28