MOEX: VGSB - Волгоградэнергосбыт

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 = 4.23
CAGR EPS = 19.6%
Key Rate = 0.21
Excess Key Rate = 2
Price = 4.23 * (1 + 19.6%) / (0.21 * 2) = 12.04

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) = 15.49
Ebitda Yield = 0.4837
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 = 0.0133
Debt = 0
Market Cap = 0
Weight Debt = Market Cap / (Market Cap + Debt) = 0 / (0 + 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) = 9.51
β = 0.1858
Risk Premium = 5.91
Country Premium = 12.94
Cost Of Equity = 9.51 + 0.1858 * 5.91 + 12.94 = 0.2355
WACC = (0.0133 / 0) * (100% - 0) * (1 - 0.2) + 0.2355 + 0 = 0
Terminal Value = Discount (15.49 * (1 + 0.4837) / (0 - 0.4837)) = 47.5
Company Value = ∑ (15.49 / (1 + 0) ^ 5) = 40.89
Price = (Terminal Value + Company Value) / Count shares = (47.5 + 40.89) / 400000000 = 220.99

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) = 27.27
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 = 0.0133
Debt = 0
Market Cap = 0
Weight Debt = Market Cap / (Market Cap + Debt) = 0 / (0 + 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) = 9.51
β = 0.1858
Risk Premium = 5.91
Country Premium = 12.94
Cost Of Equity = 9.51 + 0.1858 * 5.91 + 12.94 = 0.2355
WACC = (0.0133 / 0) * (100% - 0) * (1 - 0.2) + 0.2355 + 0 = 0
Terminal Value = Discount (27.27 * (1 + 1.02) / (0 - 1.02)) = 54
Company Value = ∑ (27.27 / (1 + 0) ^ 5) = 52.4
Price = (Terminal Value + Company Value) / Count shares = (54 + 52.4) / 400000000 = 266