NASDAQ : VEON

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 = 10.46
CAGR EPS = 3.33%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 28.08 + (28.08 * 3.33% / 100) = 29.01

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) = 1.23
Ebitda Yield = -0.1061
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 = 1.42
Debt = 7.57
Market Cap = 140.5
Weight Debt = Market Cap / (Market Cap + Debt) = 140.5 / (140.5 + 7.57) = 0.9489
Weight Cost Debt = 100% - 0.9489 = 0.0511
Tax = 0.21
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) = 2.75
β = 2.86
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.75 + 2.86 * 5.94 + 0 = 0.1975
WACC = (1.42 / 7.57) * (100% - 0.9489) * (1 - 0.21) + 0.1975 + 0.9489 = 14.83
Terminal Value = Discount (1.23 * (1 + -0.1061) / (14.83 - -0.1061)) = 2.17
Company Value = ∑ (1.23 / (1 + 14.83) ^ 5) = 5.42
Price = (Terminal Value + Company Value) / Count shares = (2.17 + 5.42) / 70440000 = 107.73

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) = 1.82
FCF Yield = 0.0325
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 = 1.42
Debt = 7.57
Market Cap = 140.5
Weight Debt = Market Cap / (Market Cap + Debt) = 140.5 / (140.5 + 7.57) = 0.9489
Weight Cost Debt = 100% - 0.9489 = 0.0511
Tax = 0.21
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) = 2.75
β = 2.86
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.75 + 2.86 * 5.94 + 0 = 0.1975
WACC = (1.42 / 7.57) * (100% - 0.9489) * (1 - 0.21) + 0.1975 + 0.9489 = 14.83
Terminal Value = Discount (1.82 * (1 + 0.0325) / (14.83 - 0.0325)) = 8.12
Company Value = ∑ (1.82 / (1 + 14.83) ^ 5) = 5.7
Price = (Terminal Value + Company Value) / Count shares = (8.12 + 5.7) / 70440000 = 196.19