MOEX: VSEH - ВсеИнструменты.ру

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 = 6.6
CAGR EPS = 105.81%
Key Rate = 0.21
Excess Key Rate = 2
Price = 6.6 * (1 + 105.81%) / (0.21 * 2) = 32.34

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) = 55.46
Ebitda Yield = 0.4086
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 = 2.1
Debt = 10.1
Market Cap = 58
Weight Debt = Market Cap / (Market Cap + Debt) = 58 / (58 + 10.1) = 0.8517
Weight Cost Debt = 100% - 0.8517 = 0.1483
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) = 8.88
β = 0
Risk Premium = 5.91
Country Premium = 12.94
Cost Of Equity = 8.88 + 0 * 5.91 + 12.94 = 0.2182
WACC = (2.1 / 10.1) * (100% - 0.8517) * (1 - 0.2) + 0.2182 + 0.8517 = 16.68
Terminal Value = Discount (55.46 * (1 + 0.4086) / (16.68 - 0.4086)) = 149.38
Company Value = ∑ (55.46 / (1 + 16.68) ^ 5) = 91.13
Price = (Terminal Value + Company Value) / Count shares = (149.38 + 91.13) / 500000000 = 481.03

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) = 0.0396
FCF Yield = -1.46
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 = 2.1
Debt = 10.1
Market Cap = 58
Weight Debt = Market Cap / (Market Cap + Debt) = 58 / (58 + 10.1) = 0.8517
Weight Cost Debt = 100% - 0.8517 = 0.1483
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) = 8.88
β = 0
Risk Premium = 5.91
Country Premium = 12.94
Cost Of Equity = 8.88 + 0 * 5.91 + 12.94 = 0.2182
WACC = (2.1 / 10.1) * (100% - 0.8517) * (1 - 0.2) + 0.2182 + 0.8517 = 16.68
Terminal Value = Discount (0.0396 * (1 + -1.46) / (16.68 - -1.46)) = -0.0052
Company Value = ∑ (0.0396 / (1 + 16.68) ^ 5) = 0.5288
Price = (Terminal Value + Company Value) / Count shares = (-0.0052 + 0.5288) / 500000000 = 1.05