MOEX: UNKL - ЮУНК

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 = 16.67
CAGR EPS = 42%
Key Rate = 0.21
Excess Key Rate = 2
Price = 6485 + (6485 * 42% / 100) = 9208.7

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) = -0.131
Ebitda Yield = 0.1959
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 = 0.1064
Debt = 0.3828
Market Cap = 3.5
Weight Debt = Market Cap / (Market Cap + Debt) = 3.5 / (3.5 + 0.3828) = 0.9015
Weight Cost Debt = 100% - 0.9015 = 0.0985
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) = 8.53
β = 0.9412
Risk Premium = 5.91
Country Premium = 12.94
Cost Of Equity = 8.53 + 0.9412 * 5.91 + 12.94 = 0.2703
WACC = (0.1064 / 0.3828) * (100% - 0.9015) * (1 - 0.2) + 0.2703 + 0.9015 = 22.29
Terminal Value = Discount (-0.131 * (1 + 0.1959) / (22.29 - 0.1959)) = -2.12
Company Value = ∑ (-0.131 / (1 + 22.29) ^ 5) = -0.2506
Price = (Terminal Value + Company Value) / Count shares = (-2.12 + -0.2506) / 1000000 = -2372.32

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) = -19.87
FCF Yield = 1.02
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 = 0.1064
Debt = 0.3828
Market Cap = 3.5
Weight Debt = Market Cap / (Market Cap + Debt) = 3.5 / (3.5 + 0.3828) = 0.9015
Weight Cost Debt = 100% - 0.9015 = 0.0985
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) = 8.53
β = 0.9412
Risk Premium = 5.91
Country Premium = 12.94
Cost Of Equity = 8.53 + 0.9412 * 5.91 + 12.94 = 0.2703
WACC = (0.1064 / 0.3828) * (100% - 0.9015) * (1 - 0.2) + 0.2703 + 0.9015 = 22.29
Terminal Value = Discount (-19.87 * (1 + 1.02) / (22.29 - 1.02)) = -18.34
Company Value = ∑ (-19.87 / (1 + 22.29) ^ 5) = -16.87
Price = (Terminal Value + Company Value) / Count shares = (-18.34 + -16.87) / 1000000 = -35212.06