OTC_MOEX: RUGR - Русгрэйн

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 = -26.03
CAGR EPS = 16.34%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 17.02 + (17.02 * 16.34% / 100) = 19.8

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) = 7.99
Ebitda Yield = 0.6208
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 = 0.0043
Market Cap = 0.8574
Weight Debt = Market Cap / (Market Cap + Debt) = 0.8574 / (0.8574 + 0.0043) = 0.995
Weight Cost Debt = 100% - 0.995 = 0.005
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 = 2.49
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 3 + 2.49 * 5.94 + 0 = 0.1782
WACC = (0 / 0.0043) * (100% - 0.995) * (1 - 0.21) + 0.1782 + 0.995 = 0.1773
Terminal Value = Discount (7.99 * (1 + 0.6208) / (0.1773 - 0.6208)) = 20.75
Company Value = ∑ (7.99 / (1 + 0.1773) ^ 5) = 18.88
Price = (Terminal Value + Company Value) / Count shares = (20.75 + 18.88) / 43000000 = 921.46

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) = 0.7839
FCF Yield = 0.1773
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 = 0.0043
Market Cap = 0.8574
Weight Debt = Market Cap / (Market Cap + Debt) = 0.8574 / (0.8574 + 0.0043) = 0.995
Weight Cost Debt = 100% - 0.995 = 0.005
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 = 2.49
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 3 + 2.49 * 5.94 + 0 = 0.1782
WACC = (0 / 0.0043) * (100% - 0.995) * (1 - 0.21) + 0.1782 + 0.995 = 0.1773
Terminal Value = Discount (0.7839 * (1 + 0.1773) / (0.1773 - 0.1773)) = 5.21
Company Value = ∑ (0.7839 / (1 + 0.1773) ^ 5) = 2.89
Price = (Terminal Value + Company Value) / Count shares = (5.21 + 2.89) / 43000000 = 188.35