OTC_MOEX: KBTK - КТК

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 = -26.19
CAGR EPS = 8.66%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 193.6 + (193.6 * 8.66% / 100) = 210.37

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) = 0.3591
Ebitda Yield = -1.69
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
Debt = 10.6
Market Cap = 19.22
Weight Debt = Market Cap / (Market Cap + Debt) = 19.22 / (19.22 + 10.6) = 0.6445
Weight Cost Debt = 100% - 0.6445 = 0.3555
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) = 2.89
β = 0.4034
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.89 + 0.4034 * 5.94 + 0 = 0.0529
WACC = (0 / 10.6) * (100% - 0.6445) * (1 - 0.21) + 0.0529 + 0.6445 = 0.0341
Terminal Value = Discount (0.3591 * (1 + -1.69) / (0.0341 - -1.69)) = -0.1464
Company Value = ∑ (0.3591 / (1 + 0.0341) ^ 5) = 1.08
Price = (Terminal Value + Company Value) / Count shares = (-0.1464 + 1.08) / 99000000 = 9.43

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) = 0.5267
FCF Yield = 0.1732
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
Debt = 10.6
Market Cap = 19.22
Weight Debt = Market Cap / (Market Cap + Debt) = 19.22 / (19.22 + 10.6) = 0.6445
Weight Cost Debt = 100% - 0.6445 = 0.3555
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) = 2.89
β = 0.4034
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.89 + 0.4034 * 5.94 + 0 = 0.0529
WACC = (0 / 10.6) * (100% - 0.6445) * (1 - 0.21) + 0.0529 + 0.6445 = 0.0341
Terminal Value = Discount (0.5267 * (1 + 0.1732) / (0.0341 - 0.1732)) = 3.57
Company Value = ∑ (0.5267 / (1 + 0.0341) ^ 5) = 1.96
Price = (Terminal Value + Company Value) / Count shares = (3.57 + 1.96) / 99000000 = 55.85