MOEX : VEON-RX

NASDAQ : VEON

VIMPELKOM

MOEX : VEON-RX

VEON

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 = -14.5
CAGR EPS = 30.39%
Key Rate = 0.21
Excess Key Rate = 2
Price = 47 + (47 * 30.39% / 100) = 61.28

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) = 279.14
Ebitda Yield = 0.026
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 = 28.4
Debt = 657.3
Market Cap = 58.6
Weight Debt = Market Cap / (Market Cap + Debt) = 58.6 / (58.6 + 657.3) = 0.0819
Weight Cost Debt = 100% - 0.0819 = 0.9181
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 = 9.03
Risk Premium = 5.91
Country Premium = 12.94
Cost Of Equity = 9.51 + 9.03 * 5.91 + 12.94 = 0.7581
WACC = (28.4 / 657.3) * (100% - 0.0819) * (1 - 0.2) + 0.7581 + 0.0819 = 3.52
Terminal Value = Discount (279.14 * (1 + 0.026) / (3.52 - 0.026)) = 26354.72
Company Value = ∑ (279.14 / (1 + 3.52) ^ 5) = 1195.36
Price = (Terminal Value + Company Value) / Count shares = (26354.72 + 1195.36) / 1757000000 = 15680.18

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) = 11.88
FCF Yield = -0.1355
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 = 28.4
Debt = 657.3
Market Cap = 58.6
Weight Debt = Market Cap / (Market Cap + Debt) = 58.6 / (58.6 + 657.3) = 0.0819
Weight Cost Debt = 100% - 0.0819 = 0.9181
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 = 9.03
Risk Premium = 5.91
Country Premium = 12.94
Cost Of Equity = 9.51 + 9.03 * 5.91 + 12.94 = 0.7581
WACC = (28.4 / 657.3) * (100% - 0.0819) * (1 - 0.2) + 0.7581 + 0.0819 = 3.52
Terminal Value = Discount (11.88 * (1 + -0.1355) / (3.52 - -0.1355)) = 50.65
Company Value = ∑ (11.88 / (1 + 3.52) ^ 5) = 74
Price = (Terminal Value + Company Value) / Count shares = (50.65 + 74) / 1757000000 = 70.94