OTC_MOEX: GRNT - ГИТ

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 = 0.23
CAGR EPS = 8.66%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 0.152 + (0.152 * 8.66% / 100) = 0.1652

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) = 0.4722
FCF Yield = 0.5678
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 = 0.0058
Debt = 0.01
Market Cap = 0.18
Weight Debt = Market Cap / (Market Cap + Debt) = 0.18 / (0.18 + 0.01) = 0.9474
Weight Cost Debt = 100% - 0.9474 = 0.0526
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) = 3
β = 9.66
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 3 + 9.66 * 5.94 + 0 = 0.6038
WACC = (0.0058 / 0.01) * (100% - 0.9474) * (1 - 0.21) + 0.6038 + 0.9474 = 45.96
Terminal Value = Discount (0.4722 * (1 + 0.5678) / (45.96 - 0.5678)) = 1.03
Company Value = ∑ (0.4722 / (1 + 45.96) ^ 5) = 0.3105
Price = (Terminal Value + Company Value) / Count shares = (1.03 + 0.3105) / 437000000 = 3.07